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POSCO (NYSE:PKX) acquired 10,522,090 common shares of Pan American Lithium Corp. in a non-brokered private placement for aggregate consideration of CDN$1,431,004.24 or CDN$0.136 per common share.
POSCO (NYSE:PKX) acquired 10,522,090 common shares of Pan American Lithium Corp. in a non-brokered private placement for aggregate consideration of CDN$1,431,004.24 or CDN$0.136 per common share.
The press release is quoted as saying:
While POSCO Canada Ltd. owns more than 10% of the issued and outstanding common shares in the capital of PALC, it has contractual rights to: (a) nominate one director to the board of directors of PALC, and (b) purchase its pro rata share of any new securities offered by PALC. In addition, during such time period, PALC will be obligated to obtain the prior approval of POSCO Canada Ltd. for certain corporate actions.
Paul Ogilvie, CEO, stated,
“The joint venture is a tremendous step forward in our plans to supply high grade battery material to our European customers. To sustain our position towards serving the world’s largest and fastest growing graphite markets, we will pursue a long-term strategy of diversifying our production by geography and mining methods. We have major projects and new developments in Australia, Canada and India”.
Click here to access the entire press release
