The Conversation (0)
Lithium One Inc.(TSXV:LI) announced that it entered into a plan of agreement with Galaxy Resources Limited. Galaxy will acquire all the outstanding securities of Lithium One under the terms of the agreement. Both companies expect to close the agreement on July 3, 2012.
As quoted in the press release:
Under the terms of the Arrangement, holders of common shares of Lithium One will be entitled to receive 1.96 common shares of Galaxy, in exchange for each issued and outstanding Common Share. Certain eligible Shareholders may elect to receive all or a part of their consideration in the form of Exchangeable Shares in lieu of the Galaxy Shares, to allow such Shareholders to potentially benefit from a deferral of capital gains tax consequences.
Click here to read the Lithium One Inc. (TSXV:LI) press release