Lithium One Merges With Galaxy Resources Limited

Lithium One Inc. (TSXV:LI) and Galaxy Resources Limited (ASX:GXY) of Australia have entered into a definitive arrangement agreement pursuant to which a wholly owned subsidiary of Galaxy will acquire by way of a court-approved plan of arrangement all of the outstanding securities of Lithium One.

As quoted in the press release:

Lithium One’s security holders will have the opportunity to become part of a vertically integrated lithium company of global significance. Galaxy, upon completion of the Arrangement, will have a portfolio of production and development assets located on four continents, comprising hard rock and brine resource projects and processing facilities, including:
• The Mt Cattlin project, an operating spodumene mine which contains the third largest JORC-compliant (or similar) hard rock lithium Ore Reserve globally;
• The Jiangsu Plant, which will be the largest and most modern hard rock lithium carbonate plant in the world;
• The Sal de Vida project, a large, high quality brine development project located adjacent to one of the world’s largest existing lithium producers;
• The James Bay project, a longer term development project which presents a future opportunity to supply the North American market; and
• The Jiangsu Lithium Battery project, a value adding downstream project to supply lithium-ion batteries to the rapidly growing electric bicycle and electric vehicle market.

Click here to read the Lithium One Inc. (TSXV:LI) press release