Lithium Australia to sponsor ASX-listing of Canadian LiGeneration

THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) managing director Adrian Griffin was sitting in his company booth, smiling like a Cheshire cat, on Day Three of the Diggers and Dealers conference in Kalgoorlie.

His demeanour followed the company’s announcement it would be increasing its international borders with the instigation of a Canadian alliance with LiGeneration Limited.

LIT revealed it has provided seed capital for LiGeneration, which is planning an Initial Public Offering (IPO) for listing on the boards of the Australian Securities Exchange (ASX) before the end of the year.

As part of the deal, LIT shareholders will be offered a priority entitlement to IPO share subscriptions in the LiGeneration float.

LIT will emerge as a significant shareholder and anticipates providing technical and administrative support to LiGeneration.

LiGeneration’s principle assets are lithium pegmatites in Quebec, Canada.

LiGeneration owns 100 per cent interest of the Whabouchi Southwest and Southeast lithium projects, which cover an area of more than 14,000 hectares in three separate project areas, neighbouring the world-class Nemaska Lithium Whabouchi Mine, which LIT said boasts ‘the second largest and richest global lithium reserve’.

LiGeneration also owns 100 per cent of the Wells-Lacourciere lithium project, which has undergone historical exploration consisting of trenching and bulk sampling returning assay results of between 2.87 per cent lithium oxide (Li20) and 4 per cent Li20.

LIT also advised it has lodged a provisional application for an Australian patent with a corresponding trademark in relation to a caustic digestion process which has been entitled LieNA.

Email: info@lithium-au.com

Website: www.lithium-au.com