Australian lithium explorer Kali Metals has lodged a prospectus for a A$12-million initial public offering (IPO) with the intention of starting trading on the ASX next month.
Kali will be established from the spin-out of a portfolio of Australian lithium assets owned by ASX-listed Kalamazoo Resources, combined with TSX-listed Canadian gold miner Karora Resources’ lithium mineral rights across a range of projects south of Kalgoorlie (the Higginsville project).
The company is offering up to 48-million shares at an issue price of $0.25 a share to raise A$12-million, with the ability to accept oversubscriptions to raise an additional A$3-million.
“The IPO of Kali Metals is a great opportunity for potential shareholders to have access to an amazing portfolio of assets, brought together by Kalamazoo and Karora, in what is an unrivalled consolidation of lithium exploration projects across Australia,” said MD Graeme Sloan.
Upon listing, Kali’s 3 854 km2 portfolio will comprise projects in the Pilbara and Eastern Yilgarn, in Western Australia, as well as in New South Wales and Victoria.