Another Perth-based, Canadian-focused lithium explorer has launched an initial public offering amid a wave of interest in the country’s prospects for the commodity.
Another Perth-based, Canadian-focused lithium explorer has launched an initial public offering amid a wave of interest in the country’s prospects for the commodity.
Pioneer Lithium kicked off an initial public offering on Friday searching for $5 million to list on the ASX with 25 million shares on offer at 20 cents apiece.
The raising is led by Perth-based firm Sixty Two Capital Pty Ltd and is expected to close at the end of August, as the company targets a September listing.
Pioneer’s primary assets are options agreements to buy interests in potential lithium prospects in Ontario, Canada as well as the James Bay Region of Quebec.
Development of the Root Lake project in Ontario will be first on the agenda.
Patriot Battery Metals is currently building a resource for its Corvette project also in the James Bay region, with a namesake explorer earlier this month launching a $6 million IPO with shares up for grabs at 20 cents on Tuesday chasing funds for exploration efforts at its wholly-owned Joule Property.
Patriot believes its flagship Corvette Property project in Quebec’s James Bay region in Canada the eighth largest lithium pegmatite mineral resource in the world.
Local firm Wagtail Capital and London-based Conrad Capital are jointly leading that raising with the company also targeting a September listing.
Pioneer Lithium’s executive chair, Robert Martin, currently sits on the board of Battery Age Minerals, Equinox Resources and Critical Resources.
Resources executive Clinton Booth, whose past roles have included head of global project readiness with Fortescue Future Industries and head of commercial with Galaxy Resources, is set to join Pioneer Lithium as chief executive.
“We are very pleased to bring this highly prospective lithium exploration portfolio to investors through the Pioneer Lithium IPO,” executive chair Robert Martin said.
“With drilling permits already in place, our aim will be to work towards the rapid delineation of a maiden Mineral Resource Estimate at Root Lake, while also progressing early exploration works at our other critical mineral projects, Lauri Lake and LaGrande.”
The listing comes amid a quiet time in general for local IPOs.
