Red Metal (ASX:RDM) to spin out Maronan Project through $36M subsidiary IPO
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Red Metal (RDM) has unveiled a plan to spin out its Maronan Project through the listing on the ASX of its wholly owned subsidiary Maronan Metals
The IPO will seek to raise up to $36 million, which will be used by Maronan Metals to fund resource drilling and feasibility programs
Red Metal will retain a roughly 50 per cent holding in Maronan Metals and will appoint two representatives to Maronan s board
With more than 100 million ounces of contained silver, the Maronan Project is considered one of the largest undeveloped silver resources in Australia
Lithium Power International (ASX:LPI) delivers Maricunga update
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Lithium Power International (LPI) has provided an update on its Maricunga Lithium Brine Project, located in Chile
In February, the company will undertake a new field program to re-size and optimise Maricunga’s revised stage one development
Lithium Power has already awarded drilling contracts to international companies and mobilised drilling equipment to site
The company has also expanded the camp which accommodates contractor personnel in preparation for future operations
Lithium Power International is up 5.8 per cent, trading at $0.36 per share
Lithium Power International (LPI) has provided an update on its Maricunga Lithium Brine Project, located in Chile.
Lithium Power International (ASX:LPI) re-energises exploration activities in West Australia
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Lithium Power International (LPI) has announced it will reactivate exploration activities at its Greenbushes lithium project in West Australia
The explorer has cited a substantial improvement in the current and forecasted lithium demand as its reason for bringing the project back into action
The jump start comes after low lithium prices and knock-on effects of COVID-19 placed LPI s operations in the area on hold for a significant portion of 2020
The Greenbushes mine has recently been the focus of a multi-billion dollar deal concerning fellow lister IGO (IGO), which acquired a 25 per cent interest in the Greenbushes mine from Chinese lithium giant, Tianqi
Lithium Power International taps Canaccord, EverBlu for placement
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ASX-listed battery minerals play Lithium Power International was hunting a cash injection on Tuesday to fund development of its South American lithium project.
Lithium Power International launched a capital raising on Tuesday.Â
Jim Rice
The company was tapping the market for as much as $10 million in fresh equity via a placement of new shares, in a deal being overseen by Canaccord Genuity and EverBlu Capital.
The new shares were being offered to funds at 22¢ each, which represented a 13.7 per cent discount to Lithium Power s last close and a 20.3 per cent discount to its 10-day VWAP, according to a term sheet sent to funds.
Lithium Power International (ASX:LPI) changes up plans for Chilean project
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Lithium Power International (LPI) is moving to a staged approach to its majority owned Maricunga lithium project in Chile, after a number of developmental upsets this year
The company previously signed a memorandum of understanding to develop a larger scale version of the project by folding it into the Maricunga Salar project, which is owned by Chile’s state-run miner Codelco
However, recent socio-political tensions in the region, as well as the impact of the COVID-19 pandemic, have hindered Codelco s mandatory due diligence processes and left the memorandum in limbo