Squire Patton Boggs has advised emerging battery minerals company Lithium Energy Ltd (LEL) on its initial public offering (IPO) and ASX listing.
LEL is a minerals exploration company with two exploration and development projects. The first is the Solaroz Lithium Project comprising eight mining tenements located within the Salar de Olaroz Basin in South America’s “Lithium Triangle” of Argentina and the second is the Burke Graphite Project located in Queensland.
LEL’s public offer was fully underwritten by Canaccord Genuity and resulted in the issue of 45 million ordinary shares to raise AU$9 million (before costs). Funds raised will primarily be used to support the exploration and potential development of the lithium and graphite assets of LEL’s current projects.
Squire Patton Boggs Corporate partner Simon Rear led the transaction and was assisted by associate Josh Walsh.
Simon Rear said: “It was a real pleasure advising LEL on its successful IPO and ASX listing. LEL is emerging as a market participant at an exciting time, given the global incentive towards renewable energy and the increasing demand for lithium ion batteries. We look forward to following LEL’s progress on the ASX.”
LEL listed on the ASX on 19 May 2021 with an indicative market capitalisation of approximately AU$16 million (based on the IPO issue price).