Western Australia-focused lithium explorer Kali Metals, the spin-out of ASX-listed Kalamazoo Resources and TSX-listed Karora Resources, has closed its initial public offering (IPO), following strong support from investors.

Kali has raised the maximum subscription amount of A$15-million and has brought forward the closing date of certain components of its offer.

The company reported on Monday that the bookbuild for the retail offer on November 14 was “multiple times oversubscribed” and that it closed within hours of opening. The bookbuild was supported by several high-profile individuals with exposure to the Western Australian lithium sector, as well as a number of institutional investors

“We are delighted that the IPO of Kali has received such strong support and investment from a wide range of high-calibre investors who as shareholders will support Kali on the next stage of its journey. Some of these same investors have also indicated their interest in potentially exploring strategic opportunities with Kali as we move past the IPO process,” said MD Graeme Sloan.

Kali’s 3 854 km² exploration tenure is located near existing, emerging, and unexplored lithium and critical minerals regions in Western Australia, including the Pilbara and Eastern Yilgarn and the Lachlan Fold Belt in New South Wales and Victoria.

"With a pipeline of advanced and greenfield exploration targets, the recent appointment of Stuart Peterson as technical adviser for geology will further strengthen what is already a formidable exploration team. Stuart’s experience in lithium discovery and development, as evident from his previous strategic role at Global Lithium in the discovery of the Manna deposit, will certainly play a crucial role in prioritising and allocating funds towards the multiple exploration targets already identified at the Higginsville lithium project,” said Sloan.