Bradda Head Holdings Limited, a lithium focused exploration company, said it is raising £6.2mln as part of its AIM flotation.
The company, previously AIM-listed Life Science Developments Limited, and before that Copper Development Corporation, expects to have a market capitalisation on admission of £16.1mln based on the issue price of 5.5p.
Led by chairman Ian Stalker and chief executive Charles FitzRoy, it has been established to develop a portfolio of USA-based lithium projects.
It owns 100% of lithium assets that were originally the subject of a joint venture with ASX listed Zenith Minerals Limited following a restructuring in the first quarter of 2021, with the assets held via two wholly owned US-based subsidiaries.
Its seven assets are made up of three sedimentary lithium assets (Wikieup, Burro Creek East, and Burro Creek West); one pegmatite asset (San Domingo); and 3 brine assets (Wilson, Spencer and the Pennsylvania brines).
Since 2018, Bradda Head said it has raised approximately US$4mln for its current business and currently has cash of roughly US$0.4mln, with the balance of funds deployed in developing the lithium assets.