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Lithium Universe Commences Trading on ASX Following Oversubscribed $4.5M Public Offer

15 August 2023 11:45
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Lithium Universe (ASX:LU7) has commenced trading on the Australian Securities Exchange, following a highly oversubscribed public offering, highlighting the immense interest from both new and existing investors in the potential of the Company’s hard-rock lithium and rare earth exploration endeavours across Tier 1 mining jurisdictions in Canada and Australia.

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Figure 1: Lithium Universe project locations

Lithium Universe Projects

Lithium Universe’s strategic vision centres on becoming a prominent lithium project developer, leveraging the expertise and skills necessary for the rapid and successful development of lithium projects. Unlike many exploration-focused companies, the Company is committed to efficiently obtaining resources and constructing spodumene-producing mines.

Among the crown jewels in Lithium Universe’s project portfolio is the Apollo Lithium Project. Covering a sprawling area of approximately 240 square kilometres, the Project is located in the Eeyou Istchee Baie-James Municipality in north-west Québec, Canada. Notably, the Apollo Lithium Project is situated in close proximity to established lithium projects, such as the Corvette Lithium Project owned by Patriot Battery Metals (ASX:PMT) and the Adina Project owned by Winsome Resources Limited (ASX:WR1).

The success of neighbouring projects lends credence to the potential of the Apollo Lithium Project, with the presence of 17 pegmatite outcrops on the tenement package being a strong indicator of the mineralisation potential.

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Figure 2: Apollo Lithium Project and nearby discoveries

Track Record of Success

The driving force behind the Company is none other than the experienced and respected Iggy Tan, serving as the Non-Executive Chairman of Lithium Universe.

A trailblazer in the lithium sector, Mr. Tan’s history is woven with success stories, including his instrumental role in Galaxy Resources Limited where he transformed the Company’s market capitalisation from under A$10 million to a staggering A$2.5 billion, a journey that culminated in a merger with Orocobre Limited in 2021, giving rise to Allkem (ASX: AKE), now recognised as the world’s fifth-largest lithium provider with a valuation of $9 billion.

Mr. Tan is set to spearhead the assembled Lithium Dream Team tasked with executing the technical strategy, aiming to replicate the triumphs of Galaxy’s 137,000 tpa Mt Cattlin Spodumene Project and the downstream 17,000 tpa Jiangsu Lithium Carbonate Project.

“We are pleased to complete the re-listing process and commence trading on the ASX. The team is now focused on deploying the funds raised from the Public Offer on the highly prospective ground in Québec. The team has spent many months completing due diligence and assessing these projects and is eager to scale up our exploration and development activities on the ground.”

“My vision for LU7 is to establish ourselves as a prominent Lithium project builder by prioritising swift and successful exploration and development of Lithium projects. Instead of exploring for the sake of exploration,” Non-Executive Chairman of Lithium Universe, Iggy Tan commented.

Following its 200% price surge on ASX-debut, LU7’s Australian Stock Exchange-listed share price is currently trading at 5.5 cents (10.50am UTC+ 8 hours).

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