Australia's Lithium Consolidated Mineral Exploration Ltd. has debuted on the ASX, with shares trading at a 10% premium to the company's IPO price just after the start of the March 28 session.

Lithium Consolidated started the trading session at 22 Australian cents before its shares retreated to a low of 17.5 cents.

Commsec shows 31 trades totaling 693,179 shares were made at a value of A$136,998.

By the closing bell, shares had recovered slightly to 18 cents.

Lithium Consolidated has been trying to list since late 2016 after launching an IPO to raise between A$8.0 million and A$9.0 million.

However, the company had to cut its IPO to A$5.0 million and delay its listing due to legal and regulatory issues with the acquisition of projects in Nevada.

Lithium Consolidated's Nevada assets include an 80% interest in the Tonopah and Teels lithium projects, with an option to acquire the remaining 20% interest.