JOHANNESBURG – Lithium-producer Tawana Resources will on Friday be removed from the official list of Australian Stock Exchange following implementation of an arrangement for Alliance Mineral Assets to acquire 100 percent of its issued capital.
The merger resolution was passed last month with 92.96 percent of shareholders voting in favour.
Tawana Resources said its shareholders had been allotted 1.1 Alliance shares for one Tawana share.
Alliance Mineral is a dual-listed company which commenced lithium concentrate production at its principal project, the Bald Hill Lithium and Tantalum Mine last March.
As a result of its merger with joint venture partner Tawana in December, Alliance now owns 100 percent of the Bald Hill spodumene mine.
The mine entered commercial lithium concentrate production last July 2018 and continues to ramp up an output of high-quality lithium and tantalum concentrates.
Tawana said the merger represented an opportunity to elevate the merged group‘s profile and to take Bald Hill through its next phase of growth and progress with its strategy to become a long-term and sizeable producer of quality lithium concentrate.
African News Agency (ANA)