Galaxy and Lithium One (CVE:LI) Shareholders Approve Merger
Sydney, June 19, 2012 AEST (ABN Newswire) - On 30 March 2012 Galaxy Resources Limited (
ASX:GXY) and Lithium One Inc (CVE:LI) announced their intention to merge via a plan of arrangement, to be implemented in accordance with Canadian Corporate and Securities law.
The Directors of Galaxy are pleased to advise that a General Meeting of Shareholders of Lithium One have overwhelmingly approved all resolutions required to be passed in order for the Merger to proceed. The full announcement made by Lithium One is attached.
This follows the announcement to the ASX yesterday that Galaxy shareholders have also overwhelmingly approved all resolutions for the Merger at the General Meeting held on 18 June 2012.
A final court hearing to approve the Merger is scheduled to be held before the Ontario Superior Court of Justice on 26 June 2012. Subject to the Ontario Superior Court of Justice granting the final order, the Merger is expected to be implemented on 3 July 2012.
Full announcement here:
http://media.abnnewswire.net/media/en/docs/ASX-GXY-593526.pdf
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
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