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Oceana Lithium Limited (ASX:OCN) (Oceana or the Company) is pleased to advise that it is set to commence trading on the Australia Securities Exchange (ASX) at 12.00 pm AEST today under the code “OCN”.
- $6m raised via oversubscribed IPO, including participation from cornerstone investor Sichuan Yahua Industrial Group, the third largest Lithium Hydroxide producer globally and major supplier to EV manufacturers Tesla, BYD Auto and Sinopec
- Funds raised will be directed towards aggressive exploration of the Company’s 100% owned Solonopole and Napperby lithium pegmatite projects in Brazil and Australia
- The Solonopole lithium pegmatite project is situated in the state of Ceara in the northeast of Brazil. Significant pegmatite mineralisation has been identified along an approximate 17km corridor within the Company’s exploration leases
- Surface mapping and sampling has commenced on the Solonopole project following a site visit from Executive Director Sebastian Kneer in May
- Oceana will rank targets for immediate drill testing upon completion of the initial sampling program and detailed review of the existing dataset. To date, none of the highly prospective prospects have been drill tested
- The Napperby lithium pegmatite project is located in the Arunta Pegmatite field in the Northern Territory. A reconnaissance site visit was undertaken by the Company’s consultants in late April
The listing follows the successful and oversubscribed initial public offering (IPO) of Oceana, which raised $6m in new equity. This included a $1m cornerstone investment from Yahua International Industrial Group, the third largest lithium hydroxide producer globally.
The funds raised will allow Oceana to aggressively pursue the multiple mineralised outcropped pegmatites identified at the Solonopole lithium pegmatite project in Brazil, covering an area of 114 km2 and strategically located only three hours from the port of Fortaleza.
Based on their geochemical signature, the Solonopole pegmatites belong to the LCT (Lithium-Cesium-Tantalum) family of rare element pegmatites. High grade outcropping rock samples have returned assay values of over 9% Li2O and over 1% Ta2O5 . Over 15 historical artisanal mines have been identified on the leases to depths of less than 10 metres vertical depth.
Authorised for release by: Jerome G Vitale, Chairman
For further information please contact:
Oceana Lithium Limited
T: +61 8 9486 4036
The exploration results contained in this announcement were first reported by the Company in its prospectus dated 4 April 2022 and announced to ASX on 29 June 2022. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus.
This article includes content from Oceana Lithium Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.