Lithium Energy Ltd. (AU:LEL) has released an update.
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Lithium Energy Ltd. is set to sell its 90% stake in the Solaroz Lithium Project to CNGR for approximately A$97 million, with completion expected in Q4 2024 after meeting various preconditions. Concurrently, the company plans to combine its Queensland Graphite Assets with NOVONIX Ltd. into Axon Graphite Ltd., aiming to raise up to A$25 million through an IPO, with both companies retaining a 25% stake post-IPO. Post transactions, Lithium Energy will explore new battery mineral investments and consider returning net proceeds to shareholders.
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