TSX and ASX IPOs planned by Talison Lithium

Leading lithium producer Talison Lithium is planning simultaneous IPOs in Toronto and Sydney to raise between C$140 and C$170 million

TORONTO (Reuters) - 

Talison Lithium Ltd, one of the world's leading lithium producers, plans an initial public offering (IPO) on both the Australian Stock Exchange and the Toronto Stock Exchange, the company said late on Monday.

The Australian company plans to offer 35 million shares for between C$4 and C$5 a share. It expects gross proceeds of between C$140 million ($132 million) and C$175 million from the offering.

Talison said the Canadian offering and the Australian offering will be completed simultaneously.

The company said its Greenbushes Lithium operations in Western Australia accounted for roughly one-quarter of the world's lithium production in 2008.

The company was recently formed following the split of Talison Minerals into two separate companies focused on lithium and tantalum operations, respectively.

Demand for lithium, the lightest known metal, has risen rapidly due to the increasing use of lithium-based batteries in electronics and hybrid cars. The mineral is also used in making glass, ceramics, aluminum and other products.

The Canadian offering will be made through a syndicate of underwriters led by Cormark Securities, the company said. Macquarie Capital is managing the Australian offering.

($1=$1.06 Canadian) (Reporting by Euan Rocha; editing by Peter Galloway)

© Thomson Reuters 2009 All rights reserved

SUBSCRIBE to Mineweb.com's free daily newsletter now.

Disclaimer

MINEWEB is an interactive publication, with rolling deadlines through each day, commencing in the Sydney morning,  and concluding, 24 hours later,  in the Vancouver evening.  If you believe your side of an issue deserves inclusion, but has failed to meet one of our deadlines, you are invited to notify the Editor in Chief in Johannesburg, and we will include you in our editing and expanding on our stories. Email him at alechogg@gmail.com

Print story      Email story      Subscribe to free newsletter

Back