Orocobre clinches Advantage deal
PERTH (miningweekly.com) – Dual-listed lithium miner Orocobre has completed the acquisition of Advantage Lithium.
Orocobre in February inked a definitive agreement to acquire Advantage, offering that company’s shareholders 0.142 Orocobre shares for every one Advantage share held, valuing the takeover target’s shares at 42c each, based on Orocobre’s last closing price of A$3.29 a share.
Orocobre will issue some 15.1-million shares under the transaction, which will increase its total issued shares by 5.8%.
With the acquisition of Advantage, Orocobre would gain exposure to the 4.8-million tonnes of measured and indicated resources, and the 1.5-million tonnes of inferred resources at Advantage’s Cauchari development, in Argentina, where Orocobre currently holds a 25% interest with Advantage holding the balance.
“The completion of this transaction delivers Orocobre an unparalleled land holding and resource position which will be the base for future growth,” said Orocobre MD and CEO Martin Perez on Monday.
“While current global events present some challenges, the fundamentals of the lithium industry into the future remain strong and Advantage shareholders will now be able to participate in this directly,” he added.
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