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Lithium Australia NL outlines key date in takeover bid

Published: 10:00 08 Mar 2017 AEDT

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LIT has entered into agreements with Lepidico shareholders

Lithium Australia NL (ASX:LIT) has advised that the date set by the company for the purpose of determining the Lepidico (ASX:LPD) shareholders to whom the Bidder’s Statement will be sent is 3 March 2017.

LIT recently outlined a conditional off-market scrip bid of A$23.8 million for all of the fully paid shares in Lepidico.

The basis of the offer will be one LIT share for every 13.25 Lepidico shares.

LIT wholly-owns the Sileach™ and LieNa™ processes.

The new entity would be the holder of one of the largest lithium exploration and development portfolios in the world.


Analysis

Driven by rising demand from new era Li-ion battery manufacturers, the combined entities would be able to offer a wide range of lithium technology solutions to match specific lithium deposits.

A combined group would be able to offer both Sileach™ and L-Max in the world’s most active jurisdiction for lithium, Western Australia, and be able to optimise emerging commercial opportunities for lithium projects worldwide.

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