Global Lithium Resources' (ASX:GL1) MB Gold (ASX:MBG) unit is set to start trading on the Australian Securities Exchange on Friday, following an oversubscribed initial public offering (IPO), according to a same-day filing with the Australian bourse.
The IPO raised AU$9 million, with the company receiving AU$900,000 in cash consideration and 8 million shares in MB Gold, the filing said.
The company plans to advance its Manna project in Western Australia toward a final investment decision by the end of the year, per the filing.
Global Lithium Resources shares fell 4% in afternoon trade on Friday.
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