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Leo Lithium lists on ASX

Leo Lithium has been advised on its demerger from Firefinch, as well as its $100 million IPO and ASX listing.

July 04, 2022 By Lauren Croft
Leo Lithium lists on ASX
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Firm: Gilbert + Tobin (Firefinch Limited and Leo Lithium Limited)

Deal: Gilbert + Tobin has advised Firefinch Limited and Leo Lithium Limited on the $738 million demerger of Leo Lithium from Firefinch, and Leo Lithium’s oversubscribed $100 million IPO and ASX listing.

Value: $838 million

Area: Corporate

Key players: The G+T team was led by corporate advisory special counsel Matthew Watkins and partner Justin Mannolini, with support from lawyers Maree Casey and Shay Kiriakidis.

Deal significance: The transaction represents the fifth-largest IPO conducted alongside a demerger in Australia and the largest ever by a resources company. 

It involved the demerger of Firefinch’s interest in the Goulamina Lithium Project in Mali, being one of the largest undeveloped high-quality spodumene deposits globally. Under the demerger, Firefinch distributed 80 per cent of its interest in the project to existing Firefinch shareholders, with Firefinch retaining 20 per cent. In parallel, Leo Lithium raised $100 million under its IPO, which included a pro-rata priority offer to existing Firefinch shareholders, a shortfall offer to new investors and existing Firefinch shareholders and an offer to Firefinch.

Commenting on the deal, the firm said it was “delighted to have assisted Firefinch and Leo Lithium on this eagerly anticipated and transformational transaction”.

Lauren Croft

Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.

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