March 23 (Reuters) - Strike Resources Ltd SRK.AX :
* STRIKE TO SPIN-OUT ITS LITHIUM AND GRAPHITE ASSETS THROUGH LISTING ON ASX OF ITS WHOLLY OWNED SUBSIDIARY, LITHIUM ENERGY LTD
* LITHIUM ENERGY WILL UNDERTAKE AN IPO TO RAISE $9 MILLION THROUGH ISSUE OF 45 MILLION SHARES AT $0.20 PER SHARE
* STRIKE WILL RETAIN 43% OF LITHIUM ENERGY POST-IPO
* LITHIUM ENERGY WILL MOVE TO 100% OF THE BURKE GRAPHITE PROJECT AS PART OF THE SPIN-OUT
* SPIN-OUT WILL ALLOW STRIKE TO FOCUS ON IRON ORE ASSETS, TO BRING PAULSENS EAST IRON ORE PROJECT INTO PRODUCTION IN 2021
* SPIN-OUT WILL ALLOW STRIKE TO EXPAND PRODUCTION FROM ITS APURIMAC IRON ORE PROJECT