- Navion Capital Inc. (NAVN.P) has signed a binding agreement to acquire all issued and outstanding securities of NOA Lithium Brines S.A.
- A resulting issuer will take over NOA’s business and trade on the TSX Venture Exchange
- 55 million shares and 55 million unit warrants of NOA will be exchanged for equal securities
- The parties will also complete a private placement of up to $7.5 million
- Navion may sign a non-brokered private placement worth roughly $150,000
- Combined financings will go towards the acquisition of NOA
- Navion Capital Inc. (NAVN.P) is unchanged trading at $0.10 per share as of 1:26 p.m. ET
Navion Capital (NAVN.P) has signed a binding agreement to acquire all issued and outstanding securities of NOA Lithium Brines S.A.
Navion stated it will have a resulting issuer take over NOA’s business post transaction which is expected to one day trade on the TSX Venture Exchange. The involved parties anticipate the resulting issuer will change its name to “NOA Lithium Brines Inc. and will be listed as a tier two mining company.
Navion stated it will acquire all the issued and outstanding securities of NOA for $0.10 per share and will be done through a share exchange of 55 million NOA shares and 55 million NOA unit warrants will be exchanged for equal securities in the capital of the resulting issuer.
If required, Navion will hold an annual and special meeting of its shareholders to approve the necessary matters related to the transaction.
In connection with the transaction, the parties shared they will also complete a private placement for proceeds of up to $7.5 million, issuing somewhere between 20 million and 30 million subscription receipts of NOA for $0.25 per subscription receipt.
Alongside this, Navion anticipates signing a non-brokered private placement of up to 1.5 million subscription receipts at $0.10 apiece for roughly $150,000.
Navion stated the combined financings would be held in escrow pending completion of the transaction. Funding will be used for the business plan for the resulting issuer, the transaction expenses, general corporate purposes and future working capital of the resulting issuer.
Navion Capital Inc. (NAVN.P) is unchanged trading at $0.10 per share as of 1:26 p.m. ET.