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Tawana Resources’ shareholders approve Alliance Mineral Assets merger

The two companies are joint venture partners in the Bald Hill lithium-tantalum mine in Western Australia’s Eastern Goldfields.
Tawana Resources’ shareholders approve Alliance Mineral Assets merger
Production at Bald Hill began in March 2018

Tawana Resources NL (ASX:TAW) shareholders have approved the scheme of arrangement between Tawana and Alliance Mineral Assets Ltd (SGX:40F) for Alliance to acquire 100% of Tawana’s issued capital.

The merger resolution was passed with 92.96% of shareholders present and voting in favour and 99.05% of the total number of votes cast being in favour of the resolution.

If the scheme is approved and implemented, scheme participants will receive a consideration of 1.1 Alliance shares for every 1 Tawana share held.

 

Tawana managing director Mark Calderwood said the company was extremely pleased its shareholders had voted overwhelmingly in favour of the merger.

He said: “[This endorses] the board’s view that the merger represents an outstanding opportunity to elevate the merged group’s profile and to take the Bald Hill Mine through its next phase of growth.

“We look forward to progressing our strategy to become a long-term and sizeable producer of quality lithium concentrate underpinned by a resource with significant growth potential.”

READ: Tawana Resources gains on $40 million funds backing Alliance Mineral Assets merger, Bald Hill Mine pick-up

Implementation of the merger remains subject to the approval of the Federal Court of Australia.

Tawana will seek the court’s approval at a hearing scheduled at 2:15pm on Monday, December 3.

If approved, Tawana intends to lodge the orders of the court with the Australian Securities and Investments Commission (ASIC) the next day.

This will bring the scheme into effect and it is expected that Tawana shares will be suspended from trading on the Australian Securities Exchange (ASX) and the Johannesburg Stock Exchange (JSE) from close of trading on December 4, 2018.

Alliance shares are scheduled to begin trading on the ASX on a normal settlement basis on Monday, December 17.

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