Global Lithium Resources starts trading on ASX with drilling underway

Global Lithium Resources Ltd (ASX:GL1) made its debut on the Australian Securities Exchange (ASX) following the completion of a heavily oversubscribed IPO, which raised $10 million through the issue of 50 million shares at an issue price of $0.20 per share.  The IPO has been supported by a strong mix of institutional investors, resource-focussed funds, sophisticated and retail investors.  Established in 2018, Global Lithium is focused on its emerging lithium discovery Marble Bar Lithium Project (MBLP), about 180 kilometres southeast of Port Hedland, near the town of Marble Bar in the Pilbara region of Western Australia.  The company aims to become a leading Australian lithium producer, riding on high lithium demand as countries around the world seek to adopt more environmentally sustainable energy policies, thanks to its use in power units that form the basis of electric vehicles and rechargeable batteries.  The company’s shares traded in the range of 26.5 cents to 30 cents with more than 7.5 million changing hands in the first three hours of trading.  “Look forward to creating shareholder value” Global Lithium chairman Warrick Hazeldine said: “It is a proud and exciting day as we list as a publicly-traded Australian company and we look forward to creating shareholder value through the successful exploration of our Marble Bar Lithium Project located in the globally renowned Pilbara region of Western Australia. “I wish to thank all parties involved in the formation of the company and completing this IPO, particularly Argonaut, our financial adviser and lead manager. “I personally welcome all new shareholders to the register and I look forward to regularly updating the market on our exploration activities. “After two years of successful exploration activities, this is a great time to bring this investment opportunity to the market. “It’s a great time to be in the lithium industry and Global Lithium is one of only a handful of opportunities for investors to gain exposure to lithium via the ASX.” Primary focus after listing Proceeds from the IPO will be used to continue exploration at the project, where GL1 has already declared a maiden inferred mineral resource of 10.5 million tonnes at 1.0% lithium oxide at the Archer deposit. The company’s primary focus after listing is to grow the Archer deposit. The directors of the company are confident that further exploration will result in an increase in the size of the Archer deposit and that the remaining MBLP project area is also highly prospective for additional discoveries. Global Lithium will also consider acquisition opportunities or further tenement applications which it considers a strategic fit to its operations.