Namibian lithium developer Desert Lion Energy has obtained a final order from the Ontario Superior Court of Justice approving a statutory plan of arrangement under the Business Corporations Act.
Pursuant to arrangement, a wholly owned subsidiary of 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 Thursday, June 27, 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.
The Arrangement is more fully described in the Company’s management information circular.
Source: Company Press Release.