Tawana shareholders approve merger
PERTH (miningweekly.com) – The shareholders of ASX-listed Tawana Resources have approved a merger with Alliance Mineral Assets.
The company on Tuesday reported that 92.6% of shareholders had voted in favour of the merger at a scheme meeting held in Perth.
“We are extremely pleased that shareholders have voted overwhelmingly in favour of the merger, endorsing the board’s view that the merger represents an outstanding opportunity to elevate the merged group’s profile and take the Bald Hill mine through its next phase of growth,” said Tawana MD Mark Calderwood.
The two companies in April announced their merger intentions to create a midtier lithium producer with a market cap of A$446-million. Under the terms of the merger agreement, Alliance will acquire all the issued shares of Tawana for 1.10 Alliance shares for every Tawana share held.
The merger provided the potential for a simplified single-ownership structure for the Bald Hill project, in Western Australia, which was currently the subject of a joint venture agreement between the two companies.
“We look forward to progressing our strategy to become a long-term and sizeable producer of quality lithium concentrate underpinned by a resource with significant growth potential,” Calderwood said.
Implementation of the merger remained subject to a number of conditions, including Federal Court approval.
Tawana will now seek court approval at a hearing scheduled for December 3.
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