Talison Lithium Limited lodges prospectus for ASX IPO


TORONTO, Nov. 23 /CNW/ - Talison Lithium Limited ("Talison Lithium" or the "Company") today announced that it has lodged a prospectus with the Australian Securities & Investments Commission for an initial public offering ("IPO") of its ordinary shares (the "Ordinary Shares") on the Australian Stock Exchange (the "Australian Offering"). On November 13, 2009, the Company filed a preliminary prospectus with securities regulators in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island in respect of an initial public offering of Ordinary Shares in Canada (the "Canadian Offering") (see the Company's press release, dated November 13, 2009). The Canadian Offering and the Australian Offering (combined, the "Offering") will be completed simultaneously.

Assuming the Company offers 35 million Ordinary Shares pursuant to the Offering and an indicative price range of C$4.00 (A$4.10) to C$5.00 (A$5.10) per Ordinary Share, the gross proceeds to the Company are anticipated to be C$140 (A$143.5) million to C$175 (A$178.5) million (excluding any over-allotment option).

The Canadian Offering will be made through a syndicate of underwriters led by Cormark Securities Inc. ("Cormark") and including Macquarie Capital Markets Canada Ltd., BMO Capital Markets, CIBC World Markets Inc., Paradigm Capital Inc. and Raymond James Ltd. Macquarie Capital Advisers Limited is acting as the Lead Manager of the Australian Offering. Rothschild is acting as financial adviser to the Company.

The Offering is conditional upon completion of a pre-offering reorganization involving Talison Minerals Pty Ltd ("Talison") following which Talison will become a wholly-owned subsidiary of the Company. Talison is a leading global producer of lithium. Talison mines and processes the lithium bearing mineral spodumene at the Greenbushes Lithium Operations in Western Australia. In 2008, the Greenbushes Lithium Operations produced approximately 69% of the world's lithium minerals, representing approximately one-quarter of the world's total lithium production.

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in certain jurisdictions of Canada. The preliminary prospectus is still subject to completion or amendment. A copy of the preliminary prospectus can be viewed on SEDAR (www.sedar.com) or can be obtained from Cormark (email: ecm@cormark.com). There will not be any sale or any acceptance of an offer to buy the Ordinary Shares until a receipt for the final prospectus has been issued.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been and will not be registered, and may not be offered or sold in the United States absent an exemption from registration requirements, under the United States Securities Act of 1933, as amended. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any of these securities in the United States.

Forward-Looking Statements

This release contains "forward-looking statements" which reflect the current expectations of the Company. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including, without limitation, those listed under the heading "Risk Factors" in the Company's prospectus. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release. Although the forward-looking statements contained in this release are based upon what the Company believes to be reasonable assumptions, the Company can not assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and the Company does not assume any obligation to update or revise them to reflect new events or circumstances.


For further information: For further information: Anthony Hasluk, Clarity Communications, Phone: +61-8-9380-0700

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