The Global Lithium Resources (ASX: GL1) share price has hit the ASX board running following the successful completion of its IPO today.
At the time of writing, the lithium developer's shares are changing hands for 30 cents. This is 50% higher than its IPO listing price of 20 cents.
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The Global Lithium Resources IPO
Global Lithium has landed on the Australian share market on Thursday after raising $10 million via a heavily oversubscribed IPO.
The Pilbara-focused lithium explorer raised the funds via the issue of 50 million shares at a price of 20 cents per share.
Combined with the remaining 81.4 million shares on issue, this gave the company a market capitalisation of $26.4 million at listing.
Following today's strong rise in the Global Lithium share price, this has now lifted to approximately $40 million.
What is Global Lithium?
Global Lithium was established in 2018 and is aiming to become a leading Australian lithium company via the development of the Marble Bar Lithium Project (MBLP) in Western Australia's Pilbara region.
The MBLP is an emerging lithium discovery approximately 180km southeast of Port Hedland near the town of Marble Bar.
Global Lithium has achieved significant exploration success to date through the discovery of the Archer lithium deposit. It declared a maiden JORC Inferred Mineral Resource of 10.5Mt @ 1.0% Li2O, following three successful RC drilling programs.
Its primary focus following today's listing is to explore the MBLP and seek to grow the Archer deposit.
The release explains that management is 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's Chair, 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."
"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," he added.
