Pilbara Minerals (ASX:PLS) is set to acquire Latin Resources (ASX:LRS) and its Brazilian interests in spodumene in a paper deal of approximately $560 million.
The acquisition will expand Pilbara Minerals’ presence in the lithium market by adding the Salinas Lithium Project to its Pilbara mining and processing operations in WA.
Latin Resources percentage holders will earn Pilbara percentages at a ratio of 0. 07 Pilbara percentage (valued at $2. 85) per Latin percentage. That values Latin stocks at around 20 cents (they closed at 12 cents on Wednesday).
The agreement will be structured as an arrangement scheme, under which existing shareholders of Pilbara will own 93. 6% of the new company and shareholders of Latin Resources the remainder.
The Latin Resources Board of Directors unanimously approved the assignment, due to the absence of a solid proposal and an independent expert who concluded (and proceeded to conclude) that the assignment is in the best interest of Latin Resources shareholders.
All Latin Resources (which together hold 4. 8% of the total issued shares of Latin Resources) have indicated their intention to vote in favor of the project, subject to the same conditions.
Pilbara reports that Latin Resources’ largest shareholder, José Luis Manzano (with 7. 9%), has also shown his intention to vote in favor of the project, provided that no compelling proposal emerges and that the independent expert’s conclusion stands.
Pilbara Minerals justified the deal in a statement on Thursday by saying the attention percentage “is very interesting and mutually favorable for both companies. “
“Pilbara Minerals secures Latin Resources’ flagship project, Salinas Lithium, which has the potential for one of the world’s 10 most sensible hard-rock lithium operations (excluding Africa), located in the world-class corporate mining jurisdiction of Minas Gerais, Brazil, with advanced flexibility (subject to market conditions) to pursue new markets.
Latin Resources shareholders gain advantages from an immediate premium and unlock the price of Salinas by reducing financing and growth risks by leveraging Pilbara Minerals’ proven expertise in creating and operating lithium projects in hard rock, while gaining advantages from immediate exposure to lithium production. of Pilbara Minerals. 1 Pilgangoora operation. “
Pilbara said the deal is “a counter-cyclical transaction consistent with the strategy that provides a premium to Latin Resources shareholders and is expected to be beneficial to Pilbara Minerals across a diversity of key metrics that add value from net assets, mineral resources and long-term production. .
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