- Shareholders and option holders of Plateau Energy Metals have approved an arrangement with American Lithium
- American Lithium will acquire all outstanding shares of Plateau
- Plateau will then become a wholly-owned subsidiary of American Lithium
- The arrangement was approved by 99.809 per cent of votes cast by Plateau shareholders
- Shares of Plateau Energy Metals are down 1.64 per cent on the day, trading at C$0.60 at 11:36 am ET
Shareholders and option holders of Plateau Energy Metals have approved an arrangement with American Lithium.
In connection with the arrangement, American Lithium will acquire all outstanding shares of Plateau.
Plateau will then become a wholly-owned subsidiary of American Lithium.
The arrangement was approved by 99.809 per cent of votes cast by Plateau shareholders and 99.827 per cent of votes cast by Plateau security-holders, voting together as a single class.
The Ontario Superior Court of Justice hearing for the final order to approve the arrangement is expected to occur on May 4, 2021.
Closing of the arrangement is expected to be completed on or about May 11, 2021, subject to the receipt of applicable regulatory approvals and the satisfaction of certain other closing conditions customary in transactions of this nature, including, without limitation, the final approval of the TSX Venture Exchange.
“We are very pleased that Securityholders of Plateau have voted overwhelmingly in favour of this Arrangement. We continue to believe that the synergies between the two Companies, their respective teams and respective projects are substantial and that this acquisition will position the combined company as a diversified leader in the development of large-scale lithium and clean energy projects,” said CEO and Director of American Lithium Simon Clarke.
“We want to thank the Securityholders for their overwhelming support in favour of the transaction. The completion of the Arrangement will be a positive step forward in the next phase for Plateau and all of its stakeholders,” said Plateau interim CEO Laurence Stefan.
Plateau Energy is a Canadian exploration and development company, exploring and developing its Falchani lithium project and Macusani uranium project in southeastern Peru, both of which are situated near significant infrastructure.
Shares of Plateau Energy Metals are down 1.64 per cent on the day, trading at C$0.60 at 11:36 am ET.