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Global Lithium cements latest acquisition and capital raise
Corrs Chambers Westgarth has advised ASX-listed Global Lithium Resources Limited on a new acquisition and multimillion-dollar capital raising.
Emma Musgrave
Firm: Corrs Chambers Westgarth (Global Lithium Resources Limited)
Value: The capital raising is worth $121.5 million.
Area: Corporate
Key players: The Corrs’ team was led by partners Russell Philip and Peter Jarosek.
Deal significance: As per a statement provided by Corrs, Global Lithium Resources Limited (Global Lithium) is a “rapidly growing lithium exploration company with a focus on two highly prospective Western Australian projects — the 100 per cent-owned Marble Bar Lithium Project (MBLP) in the Pilbara region and the soon-to-be 100 per cent-owned Manna Lithium Project in the Goldfields region of Western Australia”.
“Global Lithium acquired an 80 per cent interest in the Manna Lithium Project from Breaker Resources NL (Breaker) in December 2021 and has now entered into an agreement with Breaker to acquire the underlying project tenements together with the remaining 20 per cent interest in the lithium rights associated with the project. Breaker will continue to hold the precious metals rights associated with the tenements,” the statement explained.
“To fund the acquisition and provide funding for ongoing exploration activities, completion of feasibility studies and various other project-related activities, Global Lithium has launched a $121.5 million equity raising, comprising an underwritten institutional placement, a strategic placement to existing 9.9 per cent shareholder Suzhou TA&A Ultra Clean Technology Co and an offer to existing shareholders under a share purchase plan (or SPP).”
Commenting on the matter, lead partner Russell Philip said: “We are pleased to advise Global Lithium on the acquisition of the Manna Lithium Project and the associated capital raising. The consolidation of ownership of the project will simplify the development of what is widely considered to be one of the leading emerging lithium projects in Australia.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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