Lithium explorer Kali Metals Limited said on Tuesday that its initial public offering (IPO) to raise between A$12-million and A$15-million is open.
Kali will be established from the spin-out of a portfolio of Australian lithium assets owned by ASX-listed Kalamazoo Resources in Western Australia, New South Wales and Victoria combined with TSX-listed Canadian gold miner Karora Resources and its lithium mineral rights across an extensive range of projects located south of Kalgoorlie in Western Australia.
The company is offering 48 000 000 fully paid ordinary shares at an issue price of $0.25 each to raise A$12-million, with the ability to accept oversubscriptions up to a further 12 000 000 shares to raise an additional A$3-million.
The total number of shares expected to be on issue at listing, assuming A$15-million is raised, will be 144 146 345.
“Our portfolio of assets represents a tremendous opportunity for potential shareholders to be part of at a time when interest in the Australian lithium sector continues to increase. Together, Kalamazoo and Karora will create an unrivalled consolidation of lithium exploration projects across Australia, including several projects in Western Australia’s leading hard-rock lithium regions and in frontier lithium ground in the Lachlan Fold Belt in eastern Australia.,” said Kali MD Graeme Sloan.