17/05/2011 - 14:47

Lithex makes promising ASX debut

17/05/2011 - 14:47

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Perth-based minerals explorer Lithex has successfully listed on the Australian Securities Exchange, after its initial public offering closed oversubscribed to raise $4 million.

Perth-based minerals explorer Lithex has successfully listed on the Australian Securities Exchange, after its initial public offering closed oversubscribed to raise $4 million.

Lithex's IPO originally offered 10 million shares at $0.20 to raise $2 million, but the aspiring explorer accepted another $2 million in oversubscriptions.

Around 342,000 Lithex shares changed hands since it hit the boards at 10:00AM (WST) today, with the share price inching up to $0.21 at today's close.

Lithex's listing comes days after it announced a conditional purchase agreement with Hazelwood Resources for the acquisition of the Arthur River tantalum niobium mine, operated by Tantalum Australia, in the Gascoyne.

Lithex will pay 2 million shares and 1 million options to Hazelwood to purchase the Arthur River project

Lithex also holds 100 per cent interests in the Moolyella, Shaw River and Piolgangoora tenements in the historical tin and tantalum producing districts of the East Pilbara.

It said it would immediately undertake a comprehensive exploration program over its most prospective targets.

According to documents lodged early this week with the ASX, Lithex will spend $1.2 million exploring its tenements in its first year, followed by a boost to $1.4 million in exploration expenditure in year two.

 

 

 

 

 

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