Africa-focused lithium miner, Atlantic Lithium, has set its eyes on pursuing a listing on the Australian Securities Exchange (ASX), intending to complete the processes this quarter (Q3 2022).
Specifically, the Board of Atlantic believes that an ASX listing mirrors the global demand for a sustainable supply of lithium to facilitate the transition to a lower carbon future and will be beneficial to the Company in myriad ways.
Neil Herbert, Chairman of Atlantic Lithium, said:
“We are delighted to announce the Company’s intention to list its shares on the ASX. Further to its listing on AIM, the listing of Atlantic Lithium shares in Australia will broaden the Company’s shareholder base and extend the Company’s presence globally.
“We hope that Admission on ASX provides a new platform from which we can raise awareness further of the Company’s industry-leading Ewoyaa Lithium Project at a time when demand for lithium continues to soar.”
Neil Herbert
To a very large extent, this move will bring the Company’s Ewoyaa Project and Cape Coast Lithium Portfolio to the attention of a robust resources market where lithium exploration companies have in recent times attracted significant investor interest.
An ASX listing will enable the company further extend its shareholder base, enable wider trading of Atlantic Lithium shares and provide greater liquidity for Atlantic Lithium shares. For Australian investors, this move will provide the opportunity for them to reposition securities held in the UK to Australia, if they so wish.
While Atlantic Lithium is an Australian company with its headquarters in Australia, an ASX listing only follows the natural process of enabling close communication with Australian investors.
The exploration and development company said that to facilitate this process, Canaccord Genuity (Australia) Limited has been appointed as Lead Manager to the ASX listing process.
Holders of DIs and their Options
Holders of the Company’s Depository Interests (DIs) in the UK are able, at any time, to elect to cancel their DIs and convert to a directly registered holding of ordinary shares held on the share register in Australia.
For DI holders wishing to convert should, at the appropriate time, contact their stockbroker about a withdrawal of DIs from CREST (the UK settlement system) into the holder’s name on the share register in Australia. “Further details on the DI conversion process from UK to Australia can be found in the attached Chairman’s letter to shareholders,” the company said.
Following due processes to list on the ASX, the company will be required to demonstrate that it will have sufficient shareholders to establish and maintain a market on ASX, this being at least 300 non-affiliated shareholders each of which have a shareholding of at least AUD$2,000 in value.
The Company is hoping, subject to meeting ASX admission requirements, to finalise its ASX listing in Q3 2022. However, there is no guarantee, that Atlantic Lithium will be admitted to the official list of the ASX, the company highlighted.
Trading on the ASX will not affect the Company’s existing ordinary shares trading on the AIM Market of the London Stock Exchange or on the OTCQX Best Market in North America.
“The ASX market has seen a growing interest in green commodities of late, in line with the global transition to a lower carbon future, and we have seen the valuations of many companies involved in the lithium supply chain benefit as a result. We feel that listing on the ASX is timely, therefore, to enable a more favourable valuation of the Company and its assets.”
Neil Herbert
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