Loyal Lithium Limited’s re-compliance listing on the Australian Securities Exchange
Loyal Lithium Limited (ASX:LLI) is a lithium exploration company that was formerly known as Monger Gold Limited (ASX:MMG), a gold exploration company that completed its initial Listing on 2 July 2021.
The company subsequently shifted focus to lithium exploration through a number of significant acquisitions. The company acquired its first lithium project, the Scotty Lithium Project in May 2022. In October 2022, the company acquired the Brisk Lithium Project, and entered into an agreement for the option to acquire the Trieste Lithium Project.
The company officially changed its name from Monger Gold Limited to Loyal Lithium Limited in November 2022, reflecting the company’s primary focus as a lithium exploration company.
LLI most recently entered into binding agreements to acquire the Hidden Lake Project in March 2023.
The securities of LLI were subsequently placed on voluntary suspension, following the announcement of the acquisition of the Hidden Lake Project on 29 March 2023. Given the change in nature of its activities, LLI was required to re-comply with the ASX’s admission requirements as set out in Chapters 1 and 2 of the ASX Listing Rules.
The company was reinstated to quotation on 2 August 2023, after demonstrating compliance to the ASX listing rules and raising A$1.5m pursuant to the offer under the Prospectus.
BDO Corporate Finance was engaged by LLI to provide investigating accountant services for the re-compliance listing.