The prospectus is for a bonus issue to shareholders of partly paid shares on the basis of one New Partly Paid Share for every two fully paid ordinary shares held at the Record Date.
The issue price is $0.25 per New Partly Paid Share, with each New Partly Paid Share deemed to be paid up to $0.0001 and unpaid $0.2499.
Recent fieldwork by the company at its Ravensthorpe Lithium Project in Western Australia has resulted in the discovery of several additional lithium pegmatites, nearby to the Mt Cattlin lithium mine operated by Galaxy Resources Ltd (ASX:GXY).
The company has also gained a foothold in Bynoe pegmatite field near Darwin.
The company has advised that there is a change in the timetable, with indicative dates now as follows:
- Prospectus Lodged: 1 April 2016.
- Prospectus Sent to Shareholders: 8 April 2016.
- Ex Date (Date from which Shares commence trading without the entitlement to a Bonus Share): 26 April 2016.
- Record Date: 27 April 2016.
- Issue of Bonus Shares: 11 May 2016.
Lithium Australia said that LITCC holders are encouraged to convert to ordinary fully paid shares to ensure complete participation in the Bonus Issue.
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