Kalkine IPO Report

Should You Subscribe to the IPO of Lightning Minerals Ltd.?

Oct 28, 2022 12:00 AM PDT

 

The Offer

Company Overview

With a focus on lithium, nickel, gold, and base metal exploration, Lightning Minerals was established in 2021 to conduct the purchase and development of mineral properties in Western Australia. The Company now has a clear grip on two important mineral fields in Western Australia thanks to the acquisition of what the Board considers to be a highly potential suite of tenements, consisting of four project areas, or other applications. The mineral assets of the company include ten exploration licenses that have been issued and three exploration license applications in four project locations. It should be noted that these mineral assets are prospective in nature and do not now contain any mineral reserves or reserves as such terms are defined by the JORC Code.

Key Highlights

Primary Offering: To help the Company, achieve its commercial and mining exploration goals, the prospectus aims to raise between AUD 4,500,000 and AUD 7,000,000, before costs, in response to the Offer. The firm shall issue a least amount of 22,500,000 shares and a ceiling of 35,000,000 shares at the offer price of AUD 0.20 to raise this capital.

Options on the issue in the company:

The Company has granted 5,200,000 options to purchase shares, each of which has a 5-year expiration date and is exercisable at AUD 0.25, as of the date of this prospectus. The Company's CEO and Directors are the owners of these Options. In accordance with the Lead Manager Mandate, the Company will additionally provide the Lead Manager (or its nominees) between 3,800,000 and 5,000,000 options upon the conclusion of the offer (depending on the minimum and maximum subscriptions). Such Options should have a 4-year expiration date and be exercisable at AUD 0.25.

Terms of Key acquisitions:

Dundas Project from FMG Resources Pty Ltd  

In exchange for the issuance of 1,500,000 Shares, a cash payment of AUD 50,000 paid on July 11, 2022, a deferred cash payment of AUD 150,000 due upon completion, and a 1% Net Smelter Royalty on any products obtained from the Dundas Project.

The Mailman Hill Project and the Mt Bartle Project from Bruce Legendre

In return, the company will issue 1,000,000 shares, make an initial cash payment made of AUD 20,000 (exclusive of GST) on May 12, a deferred cash payment of AUD 70,000 (exclusive of GST) due on May 20, 2023, and pay a 1% Net Smelter Royalty on any products derived from the Mailman Hill Project and the Mt. Bartle Project.

Mount Jewell Project from Simon James Buswell-Smith

In exchange, 400,000 shares will be issued, a cash payment of AUD 20,000 (excluding of GST) was made on May 20, 2022, and a 1.5% Net Smelter Royalty will be paid on any products resulting from the Mount Jewell Project.

Use of proceeds:

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Disclaimer

Kalkine Equities LLC., having Delaware File Number 4697384 is authorised to provide general advice only. The information on https://kalkine.com/ does not take into account any of your investment objectives, financial situation or needs. Before you make a decision about whether to acquire a financial product, you should obtain the Product Disclosure Statement from the product issuer. You should consider the appropriateness of advice taking into account your own objectives, financial situation and needs and seek independent financial advice before making any financial decisions.

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