Shareholder meeting set for September 23 to vote on Global Battery Materials
Lomiko Metals has advised of court approval for a shareholder meeting to be held on September 23 to vote on the takeover arrangement proffered by fellow Canadian graphite processor Global Battery Materials earlier this month.
The all-share deal to create a vertically integrated North American graphite platform between the companies is valued at C$11-million and would transfer ownership of the La Loutre graphite project, in Québec, to Global Battery Materials.
Global Battery Metals, which owns proprietary anode processing technology, has provided Lomiko with a senior secured bridge loan facility of C$800 000 to cover working capital needs until the deal closes.
The Supreme Court of British Columbia granted an interim order authorising the shareholder meeting and other procedural matters of the arrangement.
The arrangement resolution must be approved by at least two-thirds, or 66%, of shareholders.
Assuming the takeover is completed, Global Battery Materials will hold 100% of the outstanding shares of Lomiko and intends to delist it from the TSX-V.