Global Lithium Resources Limited (ASX: GL1, “Global Lithium” or “the Company”), is pleased to announce that it has completed the issue of 13,840,111 fully paid ordinary shares (“Subscription Shares”) to Lopal Tech. (AP) Pte. Ltd. (“Lopal AP”), a wholly-owned subsidiary of Jiangsu Lopal Tech. Group Co., Ltd (“Lopal”), at a subscription price of A$0.52875 per share, raising total proceeds of approximately A$7.32 million (“Placement”), pursuant to the binding term sheet between the Company, GLR Australia Pty Ltd (“GLR”) and Lopal announced by the Company on 22 April 2026 (“Term Sheet”) and a subsequently agreed full form version of that subscription arrangement (reflecting the commercial terms of the Term Sheet) (“Subscription Agreement”).
GL1 Managing Director Dr Dianmin Chen said “the completion of the Placement and issue of shares to Lopal AP marks a significant milestone in the Company’s partnership with Lopal, with the funds received to be used to progress the Manna Lithium Project toward a final investment decision (“FID”).”
“The issue of shares to Lopal AP formalises Lopal’s strategic equity investment in Global Lithium and reinforces the strong alignment between our organisations as we advance the Manna Lithium Project toward development. We welcome Lopal as a significant shareholder.”
Material terms of the Subscription Agreement:
1.Subscription: The Subscription Shares have been issued to Lopal AP as fully paid, free of encumbrances, and rank equally in all respects with the Company’s existing fully paid ordinary shares on issue as at the date of issue.
2.Completion: Completion of the issue of the Subscription Shares (“Completion”) occurred on 28May 2026 (“Completion Date”). The Placement was completed utilising the Company’s existing placement capacity under ASX Listing Rule 7.1A. Lopal AP now holds approximately 5% of the Company’s issued capital.
3.Escrow: The Subscription Shares are subject to a voluntary escrow for a period of 12 months from the Completion Date (“Escrow Period”). The Escrow Period will end early in the event of a third party takeover bid that is publicly recommended by the Company’s Board, or a public announcement that the Company has entered into an agreement with a third party which, if completed, would result in the third party acquiring 100% of the Company’s shares or all of its assets.
4. Voting Support: For a period of 12 months from the Completion Date, Lopal AP is required to vote its Subscription Shares consistently with the voting recommendations of the Company’s Board, subject to agreed exceptions, namely:
a. approval pursuant to item 7 of section 611 of the Corporations Act 2001 (Cth) (“Corporations Act”);
b. approval of a scheme of arrangement;
c. approval of a takeover bid;
d. adoption of remuneration reports;
e. approval of a benefit under section 200E or section 208 of the Corporations Act;
f. approval of a selective reduction of capital or selective share buy-back under Part 2J.1 of the Corporations Act; or
g. an approval under any of ASX Listing Rules 10.1, 10.11, 10.14, 10.17, 11.1 or 11.2.
5. Use of Proceeds: Proceeds from the Placement will be applied by the Company towards the advancement of the Manna Lithium Project toward FID and for general working capital purposes.
