Global Strategic Metals (ASX:GSZ) plans to separate its lithium and silver businesses by demerging its Wolfsberg Lithium Project in Austria.
This will be affected via a pro-rata in-specie distribution of 80% of shares in ECM Lithium AT (Holdings) Limited (European Lithium), which holds Wolfsberg, to its shareholders.
European Lithium will apply for listing on the Alternative Investment Market and has appointed a Nominated Advisor to assist with an application for admission to trading.
GSZ will be removed from the official list of the ASX on 15 August 2014 with the last day of trading on 8 August.
The company was in April granted mining leases in perpetuity over the Wolfsberg Project, which currently hosts an Inferred Resource of 16.9 million tonnes at 1.6% lithium oxide.
This offers substantial exploration upside with the ore body remaining open at depth and along strike.
GSZ has outlined a path forward, which will include completing mineral processing studies using 2011 technology to get product specifications and samples for spodumene (Lithium), quartz, feldspar and mica.
