Lithium America's Buyout of Millennial Lithium ApprovedBy Shareholders this week. Another Lithium company and project acquired by the bigger fish.
I believe this transaction was completed at Buyout price of $4.80 per share.
With little Lithium available on the market and burgeoning EV Lithium battery demand (the glass and Lithium lubricant industry will be without), the takeovers will be fast & furious at far higher price levels and valuations. LAC is still acquiring on the cheap.
MILLENNIAL PROVIDES UPDATE REGARDING LITHIUM AMERICAS ARRANGEMENT
At Millennial Lithium Corp.'s special meeting of shareholders and warrantholders held earlier today, the voting securityholders voted in favour of the special resolution approving the previously announced plan of arrangement under Section 288 of the Business Corporations Act (British Columbia) pursuant to which Lithium Americas Corp. is to acquire all of the issued and outstanding common shares of the company.
The arrangement resolution was approved by: (i) 98.60 per cent of votes cast by shareholders; (ii) 98.61 per cent of votes cast by voting securityholders voting together as a single class; and (iii) 98.31 per cent of the votes cast by shareholders, excluding for this purpose the votes cast by any persons that are required to be excluded under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Voting securityholders holding securities carrying an aggregate of 22,037,250 votes, representing approximately 21.57 per cent of votes entitled to be cast at the meeting, were represented in person or by proxy at the meeting.
Additionally, on Dec. 30, 2021, the commissioner of competition issued a "no-action" letter, which satisfies the Competition Act approval condition in the arrangement agreement.