Lepidico (ASX:LPD) - Voluntary Administration

Lepidico (ASX:LPD), a lithium exploration company, and five related entities entered voluntary administration on 3 December.

The company’s key project is the Karibib lithium project in Namibia.

In September, the company engaged a financial adviser to explore strategic alternatives to fund the project. Unfortunately, Lepidico was unable to raise the capital necessary to advance the project, culminating in the decision to enter voluntary administration.

Richard Tucker and Paul Pracilio of KordaMentha were appointed voluntary administrators and intend to continue the sale and recapitalisation campaign that the company had begun prior to their appointment.