Creamer Media Login

Strike to spin-out lithium/graphite assets

23rd March 2021

Creamer Media Senior Deputy Editor: Australasia

Font size: - +

PERTH (miningweekly.com) – ASX-listed Strike Resources has announced plans to spin-out its lithium and graphite assets through listing its subsidiary Lithium Energy on the ASX.

Lithium Energy, which will own a 90% interest in the Solaroz lithium project, in Argentina, and the Burke graphite project, in Queensland, is expected to raise some A$9-million through an initial public offering (IPO) of 45-million shares, at a price of 20c each.

Strike on Tuesday told shareholders that the spin-out would create a distinct battery minerals company with a clear focus on the exploration and potential development of its battery mineral assets.

The move would allow Strike to focus on its iron-ore assets, particularly to bring the Paulsens East iron-ore project, in the Pilbara, into production during 2021 and to expand production from its Peruvian Apurimac project.

At the completion of the spin-out, Strike would hold 34.4-million shares in Lithium Energy, comprising a 43% stake in the company post its IPO. Eligible Strike shareholders will have a priority entitlement to apply for Lithium Energy shares based on their pro-rata shareholding in Strike, with an entitlement to apply for a minimum of 10 000 shares.

Any shortfall in applications by Strike shareholders under this priority offer will form a pool of shares available to the public under the IPO.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

Click Here

MAGAZINE & ONLINE

➕

RESEARCH CHANNEL AFRICA

➕

CORPORATE PACKAGES

CLICK FOR A QUOTATION

➕