Lithium Universe to Commence Trading on the Australian Stock Exchange
Melbourne, Aug 14, 2023 AEST (ABN Newswire) - Lithium Universe Ltd (
ASX:LU7) is pleased to advise that its shares will commence trading on the Australian Securities Exchange at the commencement of trading today (14 August 2023), under the ticker code "LU7".
The Company's listing follows a highly successful public offer that attracted overwhelming demand from a combination of new and existing shareholders. Demand in the Company was driven by the opportunity to invest in a quality project portfolio of hard-rock lithium and rare earth exploration opportunities in Tier 1 mining jurisdictions in Canada and Australia lead by lithium trailblazer Iggy Tan.
The Company welcomes many new sophisticated and institutional investors to the share registry and looks forward to updating all shareholders on the rapid exploration, expansion and development of the Company's project portfolio. The Company's initial focus will be to fast-track the exploration and associated development of the Apollo Lithium Project.
The Apollo Lithium Project comprises 466 claims covering an area of ~240km2 in the Eeyou Istchee Baie-James Municipality (James Bay), in north-west Quebec. The Project is situated within the La Grande Subprovince, close to the Opinaca and La Grande sub-provincial boundaries (deep-seated regional structural boundaries).
The Apollo Lithium Project is approximately 29km south-east of Patriot Battery Metals Inc.'s nearby Corvette Property with maiden resource of 109.2 Mt at 1.42% Li2O and also 28km west of Winsome Resource Ltd's Adina Property. These spodumene pegmatites are hosted by mafic metavolcanic rocks in close proximity to the pegmatitic granite Vieux Comptoir and hosted by the greenstone belts of the La Grande sub-province. The Apollo Lithium Project similarly exhibits mafic metavolcanic rocks and pegmatitic granite Vieux Comptoir.
A standout lithium team leads Lithium Universe with a successful track record of developing hard rock lithium projects across the mining lifecycle. The Company's Non-Executive Chairman Iggy Tan was one of the first Australian mining executives to identify the significant opportunity within the emerging lithium-ion battery sector when he spearheaded Galaxy Resources Limited (Galaxy). Mr Tan is looking to replicate the success with Galaxy, having built Galaxy's Mt Cattlin Spodumene Project (137,000 tpa of spodumene product) and the downstream Jiangsu Lithium Carbonate project (capacity of 17,000 tpa).
When Mr Tan started at Galaxy the company's market capitalization was less than A$10 million and after Tan left, was valued at A$2.5 billion when the Company merged with Orocobre Limited in August 2021. Mr Tan previous experience working within the lithium industry dates back to the early 1990s when he briefly managed the Greenbushes Lithium Mine and commissioned the first Lithium Carbonate plant for Gwalia Consolidated.
Non-Executive Chairman of Lithium Universe, Mr Iggy Tan said: "We are pleased to complete the re-listing process and commence trading on the ASX. The team is now focused on deploying the funds raised from the Public Offer on the highly prospective ground in Quebec. The team has spent many months completing due diligence and assessing these projects and is eager to scale up our exploration and development activities on the ground. My vision for LU7 is to establish ourselves as a prominent Lithium project builder by prioritizing swift and successful exploration and development of Lithium projects. Instead of exploring for the sake of exploration."
About Lithium Universe Ltd
Lithium Universe Ltd (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF), headed by industry trail blazer, Iggy Tan, and the Lithium Universe team has a proven track record of fast-tracking lithium projects, demonstrated by the successful development of the Mt Cattlin spodumene project for Galaxy Resources Limited.
Instead of exploring for the sake of exploration, Lithium Universe's mission is to quickly obtain a resource and construct a spodumene-producing mine in Quebec, Canada. Unlike many other Lithium exploration companies, Lithium Universe possesses the essential expertise and skills to develop and construct profitable projects.
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