TSXV-listed Namibian lithium developer Desert Lion Energy has announced it has obtained a final order from the Ontario Superior Court of Justice approving a statutory plan of arrangement under the Business Corporations Act (Ontario) pursuant to which a wholly-owned subsidiary of ASX-listed Lepidico will acquire all of the outstanding common shares of Desert Lion Energy.
Pursuant to the Arrangement, holders of Common Shares will receive 5.4 Lepidico shares for each Common Share held.
Receipt of the final order follows the annual and special meeting of holders of Common Shares held on 27 June, 2019 in Toronto, Canada, at which shareholders overwhelmingly approved the Arrangement.
The closing of the Arrangement remains subject to the satisfaction of certain conditions. Assuming that the conditions are satisfied or waived, it is expected that the Arrangement will be completed on or about July 10, 2019.
About Desert Lion Energy
Desert Lion Energy is an emerging lithium development company focused on building Namibia’s first large-scale lithium mine to be located approximately 210 km from the nation’s capital of Windhoek and 220 km from the Port of Walvis Bay.
The Company’s Rubicon and Helikon mines are located within a 501 km2 prospective land package. The project site is accessible year-round by road and has access to power, water, rail, port, airport and communication infrastructure.
Lepidico is an ASX-listed company focused on exploration, development and production of lithium chemicals. Lepidico owns the technology to a metallurgical process that has successfully produced lithium carbonate from non-conventional sources, specifically lithium-rich mica minerals including lepidolite and zinnwaldite.