Global Lithium Resources has begun its first day of trading after raising $10 million under an IPO, with its share price jumping 40 per cent.
Global Lithium Resources has begun its first day of trading after raising $10 million under an initial public offering, with its share price jumping 40 per cent.
Based in Mt Pleasant, Global Lithium intends to use funds under the IPO to continue exploration activities at its Marble Bar lithium project in the Pilbara.
Its IPO was priced at 20 cents and led by Argonaut Securities.
Global Lithium began trading on Thursday, opening at 30 cents before closing at 28 cents.
Chairman Warrick Hazeldine said Global Lithium’s listing followed two years of successful exploration at the company's wholly owned Marble Bar project.
“It’s a great time to be in the lithium industry and Global Lithium is one of only a handful of opportunities for investors to gain exposure to lithium via the ASX,” he said.
The company believes the Pilbara region is one of the world’s major hard-rock lithium provinces. It is home to Pilbara Minerals’ Pilgangoora operation and the Wodgina deposit, owned by a joint venture between Albemarle and Mineral Resources.
Global Lithium’s Marble Bar project is located about 180 kilometres south-east of Port Hedland, 15km from the town of Marble Bar.
The company on Thursday said it had restarted an exploration program, which includes 4,000 metres of reverse circulation drilling.
Global Lithium is planning to grow the existing mineral resource at the project’s Archer deposit of 10.5 million tonnes at 1 per cent lithium.
A further drilling program is planned for later in the year.