Australia's Lithium Power to spin off WA assets to focus on Chile project

Lithium Power International

11/01/2022 22:01

Jan 12 (Reuters) - Australia's Lithium Power International
Ltd  LPI.AX  said on Wednesday it will spin off its Western
Australia assets into a separate firm on the Australian bourse,
to allow the company to focus on its flagship Chile project.
    In the next six months, the demerger will create a company
dedicated to exploring its WA-based hard rock lithium assets,
like the Greenbushes and Pilgangoora projects. 
    The lithium company's shareholders will receive the spun-out
shares on a pro-rata basis via a capital reduction and in-specie
distribution, the company said https://www.asx.com.au/asxpdf/20220112/pdf/454xnstjm93kdx.pdf
 in a statement.
     It added that the spin out will enable the company to focus
its resources on developing its Maricunga Lithium Brine Project
in Chile.
    The company expects to complete the demerger in the first
half of 2022 and is awaiting approval of shareholders as well as
regulators. 

 (Reporting by Savyata Mishra in Bengaluru; Editing by Arun
Koyyur)
 ((Savyata.Mishra@thomsonreuters.com;))