Atlas Lithium, a battery metal exploration and mining company with properties in Brazil, announced terms for its IPO on Wednesday. The company is currently listed on the OTCQB (ATLX) and previously planned to offer units, before removing the warrants this past October.
The Belo Horizonte, Brazil-based company plans to raise $6 million by offering 0.7 million shares at a price range of $8 to $10. At the midpoint of the proposed range, Atlas Lithium would command a fully diluted market value of $77 million.
Atlas Lithium, formerly known as Brazil Minerals, is a US mineral exploration and mining company with projects and properties in essentially all battery metals, including lithium, rare earths, nickel, cobalt, graphite, and titanium. All of its mineral projects and properties are located in Brazil. The company's current focus is on developing its hard-rock lithium project. It also participates in iron, gold, and quartzite projects through subsidiaries, and owns multiple mining concessions for gold, diamond, and industrial sand. Atlas Lithium has generated a small amount of revenue from the sales of gold and diamonds, though it has not realized any revenues to date from the sale of strategic minerals and battery metals or iron.
Atlas Lithium was founded in 2011 and plans to list on the Nasdaq under the symbol ATLX. EF Hutton is the sole bookrunner on the deal.
