Novonix, Lithium Energy to Combine Graphite Units, Create New Company

Dow Jones04-03

By Ben Glickman

Novonix and Lithium Energy will combine their graphite-focused units to create a new publicly traded company.

The two mining companies said in a release that the new entity would be called Axon Graphite, and is expected to be listed on the Australian Securities Exchange.

Axon will hold Novonix's Mount Dromedary natural graphite exploration interests, as well as Lithium Energy's interest in its Burke and Corella projects.

The combined company is planning an initial public offering, which will include a priority offer to eligible shareholders of Novonix and Lithium Energy, as well as a public offer.

Both companies will retain up to 28.6% of the shares of Axon under the proposed IPO, with the remainder held by IPO investors.

The prospectus for the proposed IPO is expected to be issued in six to eight weeks.

Novonix's Mount Dromedary and Lithium Energy's Burke interests are located adjacent to each other in northwest Queensland.

The companies said that Axon would advance development of the existing mining sites and progress development of a facility to convert the graphite into material for batteries.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 02, 2024 19:36 ET (23:36 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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