Sep 23 2010
Salares Lithium Inc. (TSX VENTURE:LIT) ("Salares") and Talison Lithium Limited ("Talison") are pleased to announce the completion of the previously announced plan of arrangement (the "Arrangement") for the merger of Salares and Talison. Effective immediately, Salares and Talison have now merged.
Talison ordinary shares will commence trading on the TSX under the symbol "TLH" at the market open tomorrow, September 23, 2010.
Salares' CEO Todd Hilditch said today: "It was very clear to our management team that from the day we engaged in discussions on a potential merger with Talison, we shared the same long-term vision of the lithium sector and its growth potential. We are excited to now work with, and become part of, the Talison team and feel very strongly that our shareholders will prosper in the long-term from the new merged company and its aggressive growth strategy."
Talison CEO Peter Oliver stated: "Talison is excited to have completed the merger and looks forward to accelerating the development of the highly prospective 'Salares 7' project. Talison is already the largest lithium producer in the world and the largest supplier of lithium concentrates into the growing Chinese market. The merged company offers shareholders exposure to the current production of lithium concentrate and the upside growth of future lithium carbonate production from both the hard-rock and brine projects to satisfy the demand for lithium products destined for the global electric vehicle market."
Shares of Salares are now delisted from the TSX Venture Exchange. Under the terms of the Arrangement, Salares' shareholders received 0.35587 of a Talison ordinary share (or the equivalent in Talison exchangeable shares if they elected to prior to September 14, 2010 4:30 PST) in exchange for each Salares common share held.
Source: http://www.salareslithium.com/