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Lithium Power eyes up to A$8M in Australian IPO

Lithium Power International Ltd. is looking to raise up toA$7 million by offering 35 million shares at 20 Australian cents each in an IPOon the ASX, according to an April 26 prospectus.

The company may issue another 5 million shares at the same priceto cover oversubscriptions.

Lithium Power mandated Sequoia Corporate Finance to assistwith the planned IPO, which is expected to close May 25, with ASX listingplanned June 7.

The company owns hard rock projects in Pilgangoora, TabbaTabba and Greenbushes in Western Australia, as well as brine salars inArgentina.

Funds raised will be used to accelerate the company'sexploration plans on projects.

Ricky Fertig is the chairman of the company with Stratum Metals directorMartin Holland as managing director and CEO.

Meanwhile, Andrew Phillips serves as nonexecutive director,CFO and company secretary and Luis Ignacio Silva as a director and regionalmanager for Latin America operations.