Australian mineral explorer, Lithium Australia NL (ASX: LIT), engaged in the acquisition and development of lithium projects, has announced to the Australian Securities Exchange (ASX) that a further 3,573,006 partly paid shares paid to $ 0.0101 and unpaid $ 0.0499 in the capital of the Company (LITCF) have transitioned from LITCE partly paid shares due to the payment of the $ 0.01 call per LITCE.
The Company informed that several LITCE shareholders applications have been received for around 3,573,006 LITCF partly paid shares which depicts more than 10% of the total and amounts to 35,084,439 LITCF in total. For the newly designated LITCF partly paid shareholders, Lithium Australia plans to issue statements at the earliest so that these shareholders can trade under the symbol LITCF.
As of now, there are around 136,832,479 LITCE partly paid shares in total held by more than 3,000 partly paid shareholders that are subject to forfeiture. The Company has indicated that it would be addressing any questions that the partly paid shareholders need answers for during the period which leads up to the auction.
Lithium Australia had also informed on 3 April 2020 that balance of the LITCE partly paid shares paid to $ 0.0001 and unpaid $ 0.0599 (LITCE) had been de-listed and could be subject to forfeiture. The auction process has commenced as it was mandatory for the Company to do so for the left over forfeited LITCE partly paid shares within a time frame of six weeks from the call date.
Adding on, Lithium Australia said that the it is providing a notice that the public auction would originate from the Company’s registered office of Level 1, 675 Murray Street West Perth WA 6005 commencing at 10 AM. The public auction would be conducted online at the backdrop of the social distancing limitations prescribed by the government for containing novel Coronavirus (COVID-19). Australian registered auctioneer, Mr Robert ‘Tiny’ Holly, would be conducting this auction. Mr Holly was also the host of past public auctions of the Company’s partly paid shares.
The shareholders would be provided with the Login and / or dial-in details as they are available and the LITCE public auction is actually open to all members of the public and aimed at raising more funds for Lithium Australia. The auction date can possibly vary.
Lastly, the Company’s LITCE shareholders can apply for redemption of the forfeited LITCE partly paid shares at any point of time up to or even on the last business day immediately prior to the auction date. This can be done by paying all calls due on the forfeited shares.
Lithium Australia has also indicated that for any question regarding the LITCE or LITCF partly paid shares, the public may reach out to Barry Woodhouse, CFO and Company Secretary Lithium Australia.
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Stock Information: The LIT stock closed the trading session on a high at $ 0.057, edged up 1.78% by $ 0.001 with ~ 1.86 million shares traded on 09 April 2020. LIT has generated positive returns of 32.56% in the past one month, 46.15% over the last five days and 23.91% in the last six months.