IPO oversubscribed for WA’s new integrated battery graphite company

Interest from potential investors has been overwhelming and our IPO has closed within hours. Thank you to everyone for supporting our vision for graphite in Western Australia.

A Prospectus has been lodged with the Australian Securities and Investments Commission for WA-based International Graphite Limited to list on the Australian Securities Exchange (ASX) via an initial public share offer which opens today. (Tuesday 8 March 2022)

Up to 50,000,000 shares will be offered at an issue price of $0.20, which is expected to raise proceeds of up to $10 million.

The capital raising will help establish International Graphite as the first vertically integrated graphite  company operating entirely in Western Australia. The company is planning to produce battery anode material for the growing Lithium-ion battery market.

Executive Chairman Phil Hearse said: “Decarbonisation is fuelling extraordinary forecast demand for batteries worldwide, particularly in renewables, electric vehicles and industrial power storage.

“Our vision is to establish a fully integrated graphite production business, taking graphite and concentrates from Springdale for downstream processing at Collie.

“Building on Australia’s engineering and resource industry knowhow, including our team’s extensive experience in graphite, we aim to be an  ethical and reliable supplier of high quality graphite battery anode material and other products, for technology-based customers.

“This will strengthen Australia’s sovereign capability in the critical minerals space and give us supply chain custody from mine to customer.”

International Graphite is located in the heart of an emerging battery industry and renewable energy hub in Western Australia’s south-west. In 2021, the WA State Government announced that it would invest in International Graphite through a $2 million grant from the Collie Futures Industry Development Fund.

Proceeds from the Share Offer will be used to finalise IG’s acquisition of Comet Resource’s (ASX:CRL) Springdale Graphite Project, near Hopetoun, and will be used for:

  • Exploration, expansion and upgrading of the mineral resource estimate
  • Testwork and process design
  • Mining feasibility study and permitting

Concurrently, funding will progress downstream graphite processing at IG’s new Collie Production Facility, including:

  • Installation, commissioning and operation of a graphite spheroidising pilot plant and micronising equipment
  • Development of a purification process for graphite concentrate from Springdale
  • Feasibility studies for production scale operations optimised for Springdale concentrates

The Share Offer is coordinated by Joint Lead Managers Pamplona Group (AFSL: 426385) and Peloton Capital (AFSL: 406040).

International Graphite’s ticker on the ASX will be IG6 – with 6 being the atomic number of carbon (graphite).

A copy of the Prospectus is available here.