Lithium Australia NL (ASX:LIT) has previously outlined that it will spin out its wholly-owned subsidiary graphite interests in Western Australia.
The assets are currently housed in Graphite Australia NL (GANL), which will form a proposed new initial public offer of Graphite Australia.
LIT can then focus on its lithium business.
The company has now outlined the appointment of Tom Revy and George Bauk to the board of Graphite Australia as inaugural directors.
Graphite assets
LIT has made application for eight exploration licences in Western Australia in five project locations over a total area of 589 square kilometres.
- Yalbra (Gascoyne, 280 kilometres east of Carnarvon).
- Donnelly River (southwest Western Australia, near Manjimup).
- Northern Gully (40 kilometres northeast of Geraldton).
- Osmond Range (northwest Kimberley).
- Greenhills (South West Terrane of the Yilgarn Craton, 25 kilometres east of York).
All LIT shareholders will be offered a priority entitlement to IPO share subscriptions in the Graphite Australia float.
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