Strike Resources (ASX:SRK) spins off battery mineral assets with $9M Lithium Energy IPO SubscribeBe the first with the news that moves the market Iron ore miner Strike Resources (SRK) has successfully spun out its lithium and graphite assets into a new entity dubbed Lithium Energy (LEL) After completing a $9 million initial public offering (IPO) on April 29, Lithium Energy will emerge with a $16 million market cap and shares worth 20 cents each Strike shareholders were given priority for LEL subscriptions under the IPO, which the company said were significantly oversubscribed As such, SRK shareholders will keep their full entitlements under the IPO, while public subscribers who were not part of the priority offer will have their subscriptions scaled back