Galaxy Resources Ltd. Court Grants Final Order Approving Merger with Lithium One Inc.
27.06.2012 | ABN Newswire
Sydney, June 27, 2012 - Galaxy Resources Limited (ASX:GXY) is pleased to advise that on 26 June 2012 the Ontario Superior Court of Justice granted the final order in relation to the plan of arrangement effecting the merger between Galaxy and Lithium OneInc (CVE:LI).
The full announcement made by Lithium One in relation to the granting of the final order is attached.
The merger between Galaxy and Lithium One is expected to be implemented on 3 July 2012.
About Galaxy Resources Limited:
Galaxy Resources Limited (ASX:GXY) is an Australian-based integrated lithium mining, chemicals and battery company listed on the Australian Securities Exchange and is a S&P/ASX 300 Index Company. Galaxy wholly owns the Mt Cattlin project near Ravensthorpe in Western Australia where it mines lithium pegmatite ore and processes it on site to produce a spodumene concentrate and tantalum by-product. At full capacity, Galaxy will produce 137,000 tpa of spodumene concentrate and 56,000 lbs per annum of contained tantalum. The concentrated spodumene is shipped to Galaxy's wholly-owned Lithium Carbonate Plant in China's Jiangsu province. Once complete, the Jiangsu plant will produce 17,000 tpa of battery grade lithium carbonate, the largest producer in the Asia Pacific region and the fourth largest in the world.
Galaxy is also advancing plans for a lithium-ion battery plant, to produce 350,000 battery packs per annum for the electric bike (e-bike) market. The Company also has a farm in agreement with TSX-listed Lithium One Inc to acquire up to 70% of the James Bay Lithium Pegmatite Project in Quebec, Canada.
Lithium compounds are used in the manufacture of ceramics, glass, electronics and are an essential cathode material for long life lithium-ion batteries used to power e-bikes and hybrid and electric vehicles. Galaxy is bullish about the global lithium demand outlook and is positioning itself to achieve its goal of being involved in every step of the lithium supply chain.
About Lithium One Inc.:
Lithium One Inc. is an explorer and developer of mineral properties with a specific focus on lithium.
Contact:
Galaxy Resources Limited
T: +61-8-9215-1700
F: +61-8-9215-1799
www.galaxyresources.com.au
