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BRIEF-Strike Resources To Spin-Out Its Lithium And Graphite Assets Through ASX Listing Of Unit

Published 23/03/2021, 08:42 am
Updated 23/03/2021, 08:48 am

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

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