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Global Lithium cements latest acquisition and capital raise

Corrs Chambers Westgarth has advised ASX-listed Global Lithium Resources Limited on a new acquisition and multimillion-dollar capital raising.

user iconEmma Musgrave 04 November 2022 Big Law
Global Lithium cements latest acquisition and capital raise
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Firm: Corrs Chambers Westgarth (Global Lithium Resources Limited)

Deal: Global Lithium Resources Limited has acquired 100 per cent of the Manna Lithium Project and completed a capital raising.

Value: The capital raising is worth $121.5 million.


Area: Corporate

Key players: The Corrs’ team was led by partners Russell Philip and Peter Jarosek.

Deal significance: As per a statement provided by Corrs, Global Lithium Resources Limited (Global Lithium) is a “rapidly growing lithium exploration company with a focus on two highly prospective Western Australian projects — the 100 per cent-owned Marble Bar Lithium Project (MBLP) in the Pilbara region and the soon-to-be 100 per cent-owned Manna Lithium Project in the Goldfields region of Western Australia”.

“Global Lithium acquired an 80 per cent interest in the Manna Lithium Project from Breaker Resources NL (Breaker) in December 2021 and has now entered into an agreement with Breaker to acquire the underlying project tenements together with the remaining 20 per cent interest in the lithium rights associated with the project. Breaker will continue to hold the precious metals rights associated with the tenements,” the statement explained.

“To fund the acquisition and provide funding for ongoing exploration activities, completion of feasibility studies and various other project-related activities, Global Lithium has launched a $121.5 million equity raising, comprising an underwritten institutional placement, a strategic placement to existing 9.9 per cent shareholder Suzhou TA&A Ultra Clean Technology Co and an offer to existing shareholders under a share purchase plan (or SPP).”

Commenting on the matter, lead partner Russell Philip said: “We are pleased to advise Global Lithium on the acquisition of the Manna Lithium Project and the associated capital raising. The consolidation of ownership of the project will simplify the development of what is widely considered to be one of the leading emerging lithium projects in Australia.”