- EcoGraf (EGR) subsidiary Innogy lodges an IPO prospectus, with plans raise between $5 to $8 million
- Innogy holds exploration rights over 5300 square kilometres of land in Tanzania for nickel, lithium, cobalt, and gold
- The company aims to unlock the potential value of the largest nickel exploration package in Tanzania amid strong demand and price outlook for nickel and lithium in the global electric vehicle industry
- Existing and eligible EcoGraf shareholders are being offered a priority offer to invest in the upcoming new ASX-listed company
- Shares in EGR are up 2.5 per cent and trading at 20.5 cents at 3:20 pm AEDT
EcoGraf (EGR) subsidiary Innogy, a battery cathode minerals company, has lodged a prospectus for an initial public offering (IPO).
Holding the largest nickel exploration tenement in Tanzania, Innogy will lean on EcoGraf’s extensive historical database, experience and knowledge of the nation.
The company holds an exploration package of more than 5300 square kilometres of ground prospective for nickel sulphide mineralisation, along with lithium, cobalt and gold.
Tanzania, in Africa’s east, is considered significantly underexplored compared to other nickel and lithium provinces across the globe.
Innogy aims to unlock the potential value of this nickel exploration package given the strong demand and price outlook for nickel along with lithium as a critical battery mineral for the surging electric vehicle (EV) Industry.
Under the IPO, Innogy is launching an offer of 25,000,000 fully-paid ordinary (FPO) shares to raise a minimum of $5 million and up to 40,000,000 FPO shares to raise a maximum of $8 million at an offer price of 20 cents per share.
It includes a priority offer to eligible EcoGraf shareholders as well as a general offer.
“The priority offer is a great opportunity for existing EcoGraf shareholders to capitalise on our nickel, lithium and gold exploration assets,” EcoGraf Managing Director Andrew Spinks said.
“We believe a new ASX-listed company provides the best structure to fund and to maximise the value of these mineral assets along with an experienced management team fully focussed on cathode battery minerals.
“EcoGraf will remain a major shareholder in Innogy and shareholders in both companies will enjoy the benefits of these assets.”
Shares in EGR were up 2.5 per cent and trading at 20.5 cents at 3:20 pm AEDT.