Neo Lithium Corp (TSX-V:NLC) said it has completed its previously announced plan of arrangement with Zijin Mining Group Co., under which Zijin acquired all its outstanding and issued shares for $6.50 each in cash.
The company said it has received all required regulatory approvals for the plan of arrangement, which also included 2872122 Ontario Limited, a wholly-owned subsidiary of Zijin.
As a result, it said its shares are expected to be delisted from the TSX Venture Exchange, and will also cease being quoted for trading on the OTCQX and the Frankfurt Stock Exchange concurrently or shortly thereafter, and that it will apply to cease to be a reporting issuer in all of the provinces of Canada in which it is a reporting issuer.
READ: Neo Lithium receives $960 million cash takeover offer from China's Zijin Mining
The transaction, announced on October 11, 2021, saw Zijn offering Neo Lithium’s shareholders a premium in return for the company’s flagship 3Q lithium brine project in Argentina’s Catamarca province, one of the largest and highest-grade projects of its kind in the world.
Shanghai Stock Exchange-listed Zijin is one of the largest mining companies in China as well as a leading global gold and copper producer. It manages an extensive portfolio, primarily consisting of gold, copper, zinc, and other metals through investments in China and 12 overseas countries across Europe, Central Asia, Africa, Oceania and South America.
In connection with the closing, and in accordance with the terms of the arrangement, Neo Lithium issued an additional 6,275,500 shares to Zijin at $6.50 per share for gross proceeds of $40,790,750. It said the proceeds will be primarily used to fund a portion of the transaction consideration.
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