TORONTO, Nov 24 (Reuters) - Talison Lithium Ltd, one of the world's leading lithium producers, plans an initial public offering (IPO) on both the Australian Stock Exchange and the Toronto Stock Exchange, the company said late on Monday. The Australian company plans to offer 35 million shares for between C$4 and C$5 a share. It expects gross proceeds of between C$140 million ($132 million) and C$175 million from the offering.
Talison said the Canadian offering and the Australian offering will be completed simultaneously.
The company said its Greenbushes Lithium operations in Western Australia accounted for roughly one-quarter of the world's lithium production in 2008. The company was recently formed following the split of Talison Minerals into two separate companies focused on lithium and tantalum operations, respectively.
Demand for lithium, the lightest known metal, has risen rapidly due to the increasing use of lithium-based batteries in electronics and hybrid cars. The mineral is also used in making glass, ceramics, aluminum and other products.
The Canadian offering will be made through a syndicate of underwriters led by Cormark Securities, the company said. Macquarie Capital is managing the Australian offering.
http://www.reuters.com/article/newIssuesNews/idUSN2429154620091124 ---------------------------------------------------------------------------------------- Quebec lithium mine will help power electric-car revolution.
Robert Gibbens, Montreal Gazette. November 24, 2009
MONTREAL - Suddenly the world is talking lithium, a key ingredient in the new-generation lightweight batteries that will power the electric car revolution.
Quebec will have a mine north of Val d'Or on stream in 2011 and Australia's Talison Lithium, the world's biggest single producer, is coming with an initial public share offering in Canada and at home.
Talison plans to sell 35 million new shares to raise $181 million U.S. and will later list the stock in Toronto and Sydney. The new money will be used to pay down debt. Talison estimates world lithium demand will rise at an annual rate of six per cent in the next four years, more conservative than Canada Lithium Corp.'s projections. Canada Lithium is the developer of the Val d'Or mine, a project that will cost $100 million.
Talison's existing shareholders will retain a 56.5-per-cent interest after the IPO. The Canadian offering will be underwritten by an investment group led by Cormark Securities Inc. and including Macquarie Capital Canada.
