Midwest Lithium Ltd aims to list on the ASX with a significant holding over the USA’s largest historical spodumene-producing district and has launched an initial public offer to raise up to $17 million.
The company is focused on advancing its projects in the Black Hills Pegmatite Field of South Dakota, comprising around 23,500 acres of land containing various historical lithium production mines, visible spodumene and multiple pegmatites.
Black Hills is one of the most impressive past-producing hard rock lithium jurisdictions worldwide, in the heart of the US, with many operating quarries, active large mining projects and active exploration sites.
The company’s IPO is for a minimum of 52,000,000 shares and up to a maximum of 68,000,000 shares at an issue price of $0.25 per share to raise between $13 million and $17 million before costs.
The Black Hills of South Dakota benefits from established local infrastructure, extensive existing geological knowledge, historical drilling and past production records showing spodumene concentrate being produced for decades in the region using conventional methods.
Midwest is dedicated to establishing a company able to positively disrupt the future of the US industry by securing domestic lithium supply while delivering improvements to local communities and returns to its shareholders.
At the completion of the IPO, Midwest will be a well-funded vehicle with a strong management team and an exciting portfolio of projects.
