Fulcrum Lithium Limited (FUL.ASX) INITIAL PUBLIC OFFER (IPO) - CLOSED

Fulcrum Lithium Limited (FUL.ASX) INITIAL PUBLIC OFFER (IPO) - CLOSED

Stockbroking & Investment Advisory Services

Fulcrum Lithium Ltd

Fulcrum Lithium Limited (Proposed ASX code:FUL)
Initial Public Offer (Offer)

Update 22/10/24

The supplementary prospectus for the Fulcrum IPO was lodged on Friday (18/10), with it being tightened up in favour of the incoming investors. 

The below key amendments were made to the Offer:

-       Offer price revised down from $0.25 to $0.20

-       Introduction of a minimum raise of A$6 million and maximum of A$10 million

-       All existing shareholders have signed up for voluntary 6 month escrow


Demand is currently confirmed at approximately the midpoint of the offer range and so a deal will proceed.

Bell Potter is pleased to be acting as lead manager for the IPO of Fulcrum Lithium, a highly prospective lithium exploration company with three, 100% owned exploration assets in the Nevada Lithium Belt in the US.  The Company was founded by Executive Chairman, Norm Seckold and Executive Director, Peter Nightingale who are well know in the market through their recent success with Nickel Industries and Alpha HPA.
The Company seeks to raise A$6.0 million to A$10.0 million via the IPO through the issue 30.0 - 50.0 million new fully paid ordinary shares in the Company (“New Shares”) at an Offer Price of A$0.20 per New Share (the “Offer”).

As part of the Offer, Fulcrum will need to satisfy requisite ASX shareholder spread, and bids may be scaled to meet this requirement. Bids to assist with spread are therefore sought.

Bids for the Offer should be lodged by 12.00pm (EST) on Friday 1 November 2024. The Lead Manager reserves the right to close the offer early subject to demand.

Supplementary Prospectus, Deal Sheet and Presentation attached below.  Please review the Prospectus before placing any bid.


Company Overview
Fulcrum is an Australian unlisted public company, incorporated on 6 February 2023. The Company operates in the mineral exploration industry with a focus on discovering and developing lithium projects in
Nevada, USA.

Since incorporation, the Company has identified and acquired an interest in several lode claims in Nevada, USA, prospective for lithium comprising the Alkali Flats, Fairway and Summit lithium
projects (together the Company’s Projects). Following admission to the ASX, the Company intends to undertake systematic exploration programs on each of the Projects in accordance with its proposed use of funds and detailed exploration budget.

Alkali Flats Project
The Alkali Flats project is the Company’s largest and initially primary project. The Alkali Flats project is located in the heart of Nevada’s “lithium belt” approximately 15 kilometres south of Tonopah, a historic mining centre which is currently focused on servicing nearby lithium exploration and development activities, 10 kilometres northeast of Albemarle Corporation’s (NYSE: ALB) Silver Peak lithium mine, the only lithium producing mine in the USA and on trend with new claystone lithium projects at various stages of development including:
- American Battery Tech (Tonopah Flats project)
- American Lithium Corp (TLC project)
- Century Lithium Corp (Clayton valley project)
- Ioneer Ltd (Rhyolite Ridge project)
- Nevada Lithium (Bonnie Claire project)
- Noram Lithium Corp (Zeus project)

A total of 52 rock chip, surface and power augur samples have been collected from the Alkali Flats project. Assay results from these samples include:
- Sample 26520 - 797 ppm Lithium (Li).
- Sample 26521 - 721 ppm Li.
- Sample 26510 - 685 ppm Li.
- 23 samples returned assay values greater than 300 ppm Li.

As set out in Section 10 of the Prospectus, an Exploration Target range has been estimated by Global Geological Services, LLC for a part of the Alkali Flats project as follows:


The potential volume and grade of the Exploration Target estimate for part of the Alkali Flats project requires drill testing. The drilling program for Exploration Target Area No. 1, is already permitted by the BLM and is estimated to be completed within the first year of exploration activities.






Acknowledgement

By clicking “Submit Bid” on the website form, you acknowledge and agree that:

  • You have read and understood the terms and conditions to access the electronic version of the Prospectus; 
  • You are an Australian resident and you are requesting a copy of the Prospectus from within Australia;
    OR
    If you are a non-Australian resident, you have consulted your professional adviser as to whether any governmental or other consents are required or whether any other formalities need to be considered and followed before accessing the Prospectus.
Marketech clients can bid for the offer by clicking the link below and including account number and bid amount/shares.

In order to be eligible for this allocation, you need to have:
  1. a current subscription to the Marketech Focus platform;
  2. a Marketech trading account number and HIN;
  3. a Macquarie CMA linked to your trading account;
  4. read and understood the Prospectus;
  5. Bids under the Offer must be for a minimum of $2,000 worth of Shares (8,000 Shares) and thereafter, in multiples of $500 worth of Shares (2,000 Shares).
Please note:
  1. The Company and Lead Manager reserve the right to close the book early and to deem any bid invalid;
  2. All bids which have not been withdrawn by the closing time of the offer will represent irrevocable commitments  to subscribe for a number of Securities up to the maximum amount for which a bid is made and will be capable of acceptance in full or in part by the Lead Manager, at its discretion;
  3. Marketech will be paid a fee on amounts raised under this offer.