A total of $15m was raised in the "heavily oversubscribed" IPO
Gilbert + Tobin (G+T) has advised Kali Metals Limited (Kali) on its ASX debut.
A total of $15m was raised in Kali’s “heavily oversubscribed” IPO – an amount G+T confirmed was the maximum. The capital raised will be directed towards the exploration and development of Kali’s lithium exploration projects, focusing on the Higginsville Lithium Project.
On its first day of trading, Kali’s shares closed at 43.5¢ – nearly double the IPO price, G+T added.
“It is a great time to become an ASX-listed lithium exploration company with activity in the sector high and the long-term fundamentals for the commodity strong. With the emergence of lithium as one of the most important critical minerals that will enable the global energy transition, this is an ideal time to provide investors with an opportunity to invest in a company with world-class projects in Tier 1 locations. We are excited about the potential that our project portfolio offers shareholders and the role Kali can play in the future growth of the lithium industry”, Kali managing director Graeme Sloan said in an ASX announcement.
The G+T team assisted on all aspects of the ASX listing and IPO, which included “the transfer of Kalamazoo’s lithium assets and interests in an earn-in agreement with lithium producer SQM from Kalamazoo to Kali, as well as Kali’s acquisition of lithium mineral rights over the Higginsville Lithium Project tenements from Karora via a share sale agreement and multiple mineral rights agreements”, the firm said.
G+T lead partner Simon Rear guided Kali on the ASX listing and IPO alongside lawyers Ryan Gava and Sarah Urquhart of the corporate advisory team. Meanwhile, partner Claire Boyd provided advice on the acquisition of the Kalamazoo assets and the mineral rights agreements with Karora alongside lawyers Claudia Russo, Anneka Thomson, and Lucy Burns of the energy and resources team.
Bell Potter Securities Limited and Canaccord Genuity (Australia) Limited were the joint lead managers in the IPO. Grant Samuel served as financial adviser to Kali.