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Core Lithium Deal Partner Axiant Resources Files IPO Prospectus

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Core Lithium (ASX:CXO) said Axiant Resources, which recently agreed to acquire the company's gold and non-lithium exploration assets, lodged a prospectus for an initial public offering targeting gross proceeds of up to AU$10 million, according to a Thursday filing with the Australian bourse.

The IPO of 40 million to 50 million new shares at AU$0.20 each includes a priority offer for eligible Core Lithium shareholders in Australia and New Zealand. Axiant will reserve a minimum of AU$5 million for allocation to Core shareholders under the priority offer, per the filing.

Core Lithium will receive 20 million Axiant shares and as many performance rights as consideration for the exploration assets deal.

The company said it expects to have a stake of between 28.6% and 33.3% in Axiant on an undiluted basis following the IPO's completion. On a fully diluted basis, Core's stake in Axiant will be between 41.9% and 47%.

Shares of Core Lithium gained nearly 1% in recent Thursday trade.

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Core Lithium Deal Partner Axiant Resources Files IPO Prospectus | FINWIRES