Shares in Warrick Hazeldine-chaired Global Lithium Resources have risen to a new high after major shareholder Mineral Resources lifted its interest in the business.
Shares in Warrick Hazeldine-chaired Global Lithium Resources have risen to a new high after major shareholder Mineral Resources lifted its interest in the business.
Chris Ellison’s iron ore and lithium business bought 6 million shares in Global Lithium (GL1) for $12.6 million in an on-market trade earlier this week, when shares were trading at around $2.41.
Already a substantial shareholder with a 5.12 per cent stake, the purchase increased MinRes’ issued capital in the new lithium player to 8 per cent.
Global Lithium non-executive chair Warrick Hazeldine said MinRes’ acquisition clearly demonstrated the company’s strong support in GL1’s assets and its team.
“As we continue to progress our programs on the ground at both Manna and Marble Bar, it is truly an exciting time to be part of the global energy transition market,” he said.
Those projects, of which it has an 80 per cent per cent and 100 per cent interest in respectively, have an inferred mineral resource of 18.4 million tonnes at 1.06 per cent lithium oxide, per its latest update.
“I look forward to keeping our shareholders updated as we advance our ambitions of becoming a significant WA lithium development and production company.”
MinRes and its own lithium business have been a hot topic over the last week after media reports emerged that the company was mulling listing the operation as a separate business on the New York Stock Exchange.
Global Lithium has enjoyed a buoyant share price since listing on the ASX in May last year.
Debuting at 30 cents after being priced at 20 cents in a $10 million IPO, its share price has since lifted by around 784 per cent.
At noon today, Global Lithium shares were up 15.85 per cent to trade at $2.85, close to its all-time high of $2.86.
