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.
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.