Perth, Australia-based American Pacific Borate & Lithium Ltd. has revealed plans to list on the ASX and is targeting up to A$15.0 million under its IPO.

The company filed a prospectus May 30 with the Australian Securities and Investments Commission, offering 60 million shares at 20 Australian cents each to a raise a minimum of A$12.0 million. The offer is set to open June 7.

Under the prospectus, American Pacific will accept oversubscriptions of up to a further 15 million shares to raise an additional A$3.0 million.

The company struck a deal earlier in May to acquire the Fort Cady borate-lithium project in California.

The cash raised will be used to fast-track the definition of a maiden resource, metallurgical studies, pre-feasibility studies, pilot-scale test work and the optimization of development plans for possible production.

All material approvals for a pilot plant and the two key land-use permits for commercial-scale production have already been granted for the Fort Cady project.

American Pacific is aiming to begin trading on the ASX by July 17 under the ticker ABR.