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Li3 Energy (OTCBB: LIEG) has entered into an agreement with Blue Wolf Mongolia Holdings with an agreement and plan of merger for an initial business combination.
Li3 Energy (OTCBB: LIEG) has entered into an agreement with Blue Wolf Mongolia Holdings with an agreement and plan of merger for an initial business combination. When the agreement and plan of merger is completed, Li3 will merge with a wholly owned subsidiary of Blue Wolf. The transaction is subject to shareholder approval and is expected to be completed on or before July 22, 2013.
According to the press release:
Following the closing, Blue Wolf intends to change its name to Li3 Energy Corp. and continue to list its securities on the NASDAQ Capital Market (“NASDAQ”), subject to satisfying NASDAQ’s initial listing criteria. Li3 Energy Corp. intends to apply to list its securities on the TSX Venture Exchange. There are no assurances that Li3 Energy Corp. will be successful in listing or maintaining its securities on either NASDAQ or the TSX Venture Exchange.
Luis Saenez, CEO and president of Li3 Energy, commented:
We are very pleased to have entered into this agreement with Blue Wolf. We believe the Transaction will enable Li3 to continue advancing its lithium projects in Chile and become a low cost producer and consolidator in the lithium industry. We continue to explore strategies to advance our Maricunga Project, and this Transaction demonstrates our continued efforts towards that end. We look forward to working together with Blue Wolf to close the Transaction between our two companies.
Click here to view the full press release.