• Winsome Resources (ASX: WR1) commences trading on the Australian Securities Exchange today.
• Company completed $18 million Initial Public Offer that was heavily oversubscribed.
Perth-based lithium exploration and development company Winsome Resources (ASX:WR1; “Winsome” or “the Company”) commences trading on the Australian Securities Exchange (ASX) today following an Initial Public Offering (IPO) which raised $18 million at $0.20 per share.
Winsome will utilise the funds for an intensive exploration and drilling campaign at its projects in the James Bay region of Quebec, Canada, concentrating its efforts on establishing a maiden resource of high quality spodumene concentrate that is suitable for conversion across multiple battery applications.
The Company currently has three wholly owned projects – Cancet, Adina and Sirmac-Clappier. The most advanced project, Cancet, provides a shallow, high-grade lithium deposit and is located close to established infrastructure and supply chains.
Winsome Resources Managing Director Chris Evans said it was an exciting time to be exploring for lithium.
“Current trends show up to 10 times more lithium is required in the next decade to meet the demand and it is going to require a huge investment to get there,” Mr Evans said.
“With more than 99 per cent of the world’s lithium reserves located in Australia, Argentina, Chile and China, our projects offer jurisdictional diversity and opportunity to contribute to the expanding North American battery industry.”
Quebec is noted as one of the world’s most supportive, lowest risk mining regions, renowned for its world-class infrastructure and support for mining developments. It is at the forefront of the North American push to develop its own EV battery supply chain, with lithium being one of the key base ingredients needed to make this happen.
This announcement is authorised by the Winsome Board of Directors.