PERTH (miningweekly.com) – The merger between ASX-listed Tawana Resources and Singapore-listed Alliance Mineral Assets has been given the green light by both the Singapore Exchange and the Australian Foreign Investment Review Board.
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.
An Alliance shareholder meeting is scheduled for August 21, while Tawana’s scheme meeting is scheduled for August 23. The merger is expected to be implemented on September 13, with Alliance expected to list on the ASX on September 14.