
October 30, 2022
Lithium Power International Limited (ASX: LPI) (“LPI” or the “Company”) is pleased to provide an update on the progress of the consolidation of LPI's flagship Maricunga lithium brine project ("Maricunga" or "Project").
As announced on 22 June 2022, the Company currently holds a 51.55% interest in the Project. The Company entered into definitive binding agreements with its joint venture partners to acquire their interests and consolidate 100% ownership of the Project via two separate all-scrip merger transactions, (together the "Consolidation Transaction") with:
- a Delaware (USA) based merger with Salar Blanco, LLC (“SBD”) and a concurrent Australian scheme of arrangement ("Australian Scheme") pursuant to which LPI will merge with SBD and consequently acquire its 31.31% interest in the Maricunga; and
- a Canadian based plan of arrangement ("Arrangement") with Bearing Lithium Corp. (BRZ:TSXV) (“Bearing”) to acquire its 17.14% interest in the Maricunga (“Bearing Transaction”).
Salar Blanco LLC (“SBD”) Transaction
This transaction has progressed significantly in recent weeks, with LPI shareholders approving the issue of consideration shares to SBD's parent company under the SBD Transaction. The Company's extraordinary general meeting, held on 28 October 2022, resulted in a significant majority of shareholders voting in favour of that resolution.
The remaining material conditions to complete the transaction include completion of the Australian Scheme. The Company is notifying shareholders that a second court hearing in relation to the Australian Scheme is currently scheduled for 17 November 2022, following which and subject to approval by the Australian Court of the Australian Scheme, the SBD transaction will become unconditional.
The Company anticipates that completion of the SBD transaction and the consolidation transaction as a whole will occur on or around 21 November 2022.
Click here for the full ASX Release
This article includes content from Lithium Power International, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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