Lithium Power International (ASX:LPI) has approved the scheme of arrangement where wholly owned subsidiary of Corporación Nacional del Cobre de Chile (Codelco), Salar de Maricunga, will acquire Lithium Power International.
Lithium Power International, which has a $361.89 million market capitalisation, has today (5 March 2024) lodged with the Australian Securities and Investments Commission (ASIC) a copy of the orders of the Federal Court of Australia, making the scheme legally effective.
Shares in Lithium Power International were suspended from trading on the ASX at close of trading yesterday.
On implementation of the scheme, shareholders with shares in the target at the scheme record date (5pm AEDT 7 March 2024) will receive $0.57 cash per share.
Payment is scheduled for 14 March in line with implementation of the scheme.
Lithium Power International is a pure-play lithium company focused on the development of Chile’s next sustainable ‘high-grade’ lithium mine.
The company’s Maricunga Project sits in the Atacama region which in turn sits in the renowned ‘Lithium Triangle’ in northern Chile, which Lithium Power says is home to the largest and highest quality lithium brine deposits.
Codelco is a Chilean state-owned copper miner.
Write to Adam Drought at Mining.com.au
Images: Lithium Power International
