Lithium Australia NL said that the IPO of its graphite spinoff, BlackEarth Minerals NL, has reached the minimum subscription of A$4.5 million.
According to its replacement prospectus, BlackEarth was looking to raise at least A$4.5 million with an offer of 22.5 million common shares at 20 Australian cents apiece.
The company can raise a maximum of A$6.0 million if the offer of up to 30.0 million common shares is fully subscribed.
Lithium said Dec. 8 that it expects the full allocation of 5 million shares and 2.5 million free attaching partly paid shares will be issued.
The offer is scheduled to close Dec. 14, and the shares are expected to be quoted on the ASX on Dec. 22.
BlackEarth Managing Director Tom Revy previously said that the ideal sum was A$6.0 million, but he could be "talked into raising more money" and the investor interest was certainly there.