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Chariot Lists on the ASX Following a Successful IPO

Chariot Corporation Limited (“Chariot”, “CC9” or the “Company”) is pleased to announce that its shares will commence trading on the Australian Securities Exchange (“ASX”) at 12:00pm (AEDT) today. This follows the completion of a $9 million initial public offering (“IPO”), which closed oversubscribed on 5 October 2023. Wilsons Corporate Finance Limited (“Wilsons”) and Jett Capital Advisors LLC (“Jett Capital”) acted as joint lead managers of the IPO. At the IPO issue price of 45 cents per share, Chariot’s market capitalisation is $67.5 million.


HIGHLIGHTS:
  • Trading of shares in Chariot Corporation Limited( ASX: CC9) will commence today following successful completion of the IPO, raising $9.0m
  • Wilsons Corporate Finance Limited & Jett Capital Advisors LLC acted as joint lead managers to the IPO
  • IPO proceeds will be used primarily to finance exploration activities at the Black Mountain Project with phase 1 drilling activities scheduled to commence by the first week of November
  • Drilling program follows encouraging results from a surface geochemistry survey which returned assay results of up to 6.68% Li2O with an average assay result of 2.16% Li2O from 22 samples1,2
Funds raised from the IPO will be deployed to execute the phase 1 diamond drill hole program at the flagship Black Mountain Project, with drilling expected to commence in the first week of November 2023. Concurrently, the Company plans to continue early exploration activities at the Copper Mountain Project (hard rock lithium) and the Resurgent Project (claystone lithium) to define targets for future drilling. Details of these projects may be found on the Company’s website.
Black Mountain Project: Update

On 21 August 2023, the Company received formal approval from the United States Bureau of Land Management to execute phase 1 of the Black Mountain drilling program. This follows a surface geochemistry survey during which 22 surface rock chip samples were collected and

returned assays up to 6.68% Li2O with an average assay result of 2.16% Li2O1,2. The exploration target has over forty (40) known outcropping pegmatite bodies exhibiting spodumene rich rock within a 1km long by 50m to 150m wide zone.

On 16 October 2023, a local earthmoving contractor was mobilised to repair and de-risk existing access roads throughout the project area.

Within the first week of November 2023, Major Drilling America Inc. (“Major Drilling”) will have mobilised a Boart Longyear LF90 diamond core drill rig to the Black Mountain Project in order to drill a planned 3,000 metres of orientated triple tube HQ sized core.

Our teams will work together to deliver drill cores for geologic analyses through November 2023 and into December 2023 or until weather conditions no longer permit safe operations. We expect the first lithium assay results in late December 2023.


Click here for the full ASX Release

This article includes content from Chariot Corporation, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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