The initial public offering (IPO) of Kalamazoo Resources (ASX:KZR) spinout Kali Metals to raise up to $15 million is now open.
Bell Potter Securities and Canaccord Genuity (Australia) have been retained as the joint lead managers to the IPO. Grant Samuel is appointed as financial advisor and Gilbert + Tobin as legal advisor.
Kali has been established from the spinout of Kalamazoo’s portfolio of Australian lithium assets in Western Australia, New South Wales, and Victoria combined with TSX-listed Canadian gold miner Karora Resources (TSX:KRR) and its lithium mineral rights across a range of projects south of Kalgoorlie, Western Australia.
Kalamazoo Resources says the expected commencement of Kali’s trading of shares on the ASX on a normal settlement basis is 22 December 2023.
Kali is offering 48 million fully paid ordinary shares in the company at an issue price of $0.25 to raise $12 million with the ability to accept oversubscriptions to raise an additional $3 million.
Write to Adam Orlando at Mining.com.au
Images: Kalamazoo Resources
