Thursday, 18 April 2024

[the_ad_group id="2845"]


NOVONIX Limited and Lithium Energy Limited to Combine Natural Graphite Interests with Intention to Take Combined Business Public By

Pinterest Climbs 2.25% By

[the_ad id="21475"]


  • NOVONIX Limited (NOVONIX) and Lithium Energy Limited (LEL) to contribute their natural graphite exploration interests into a new company, Axon Graphite Limited (Axon)
  • Shares of Axon to be offered through an initial public offering (IPO) and listed on the Australian Securities Exchange (ASX)
  • NOVONIX and LEL each will retain up to 28.57% ownership of Axon following the planned IPO
  • Creates world class, large-scale natural flake graphite project
  • Realises value for the shareholders of both NOVONIX and LEL
  • Eligible NOVONIX and LEL shareholders to be given priority in the IPO

BRISBANE, Australia, April 03, 2024 (GLOBE NEWSWIRE) — NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (NOVONIX or the Company), a leading battery materials and technology company, today announced that it has signed a definitive agreement under which its wholly owned subsidiary, MD South Tenements Pty Ltd, which holds the Mount Dromedary natural graphite exploration interests, will be divested to Axon Graphite Limited (Axon), a subsidiary of Lithium Energy Limited (ASX: LEL). LEL will contribute its interest in its Burke and Corella graphite projects to Axon pursuant to the agreement. As consideration for the transaction, NOVONIX will receive shares in Axon, which the parties intend to list on the Australian Securities Exchange (ASX). The transaction is subject to the completion of the parties’ due diligence enquiries, completion of the proposed initial public offering (IPO) of Axon, and receipt of approval for the admission of Axon to the ASX.

NOVONIX’s Mt. Dromedary project is a high-grade natural flake graphite deposit (refer Annexure A) and is adjacent to LEL’s Burke interests located 125km north of Cloncurry in northwest Queensland in a well-established mining region with access to an export hub. LEL’s Corella interests are located 40km west of Cloncurry.

Axon’s principal activities will include:

  • Advancing the development of the Burke/Mt. Dromedary graphite projects;
  • Advancing the exploration, evaluation and development of the Corella graphite project;
  • Progressing the development of a vertically integrated Spherical Purified Graphite Battery Anode Material manufacturing facility in Queensland; and
  • Investigating and potentially pursuing other prospective projects in the battery minerals sector both in Australia and abroad.

Axon proposes to undertake its IPO to raise a minimum of $15 million and up to $25 million at an issue price of $0.20 per share. The proposed IPO will include a priority offer to…

Click Here to Read the Full Original Article at All News…


[the_ad id="21476"]