Orocobre Limited acquires all remaining issued and outstanding common shares of Advantage Lithium Corp.
April 16, 2020
28.70 Million CAD
On April 17th, 2020 Orocobre Limited (“Orocobre”) completed its acquisition of all remaining issued and outstanding common shares of Advantage Lithium Corp. (“Advantage”) that it did not already own. The acquisition, previously announced in February, was carried out by way of a court-approved plan of arrangement under the provisions of the Business Corporations Act (British Columbia). The arrangement was subject to approval by the Supreme Court of British Columbia and by Advantage shareholders at a special meeting held in April.
As part of the arrangement, Advantage Shareholders received 0.142 of an ordinary share of Orocobre for each common share of Advantage held. In total, 15,114,749 shares of Orocobre were issued, valued at approximately $28.7 million based on the closing price of Orocobre shares on the Toronto Stock Exchange on April 16, 2020, in exchange for 106,241,883 common shares of Advantage (which number excluded 56,564,909 common shares of Advantage that were already held by Orocobre) pursuant to the arrangement.
Orocobre is a global lithium carbonate producer and an established producer of boron. Orocobre is dual listed on the Australia and Toronto Stock Exchanges.
McCarthy Tétrault advised Orocobre with a team led by Matthew Cumming and including Heidi Gordon, Maureen Gillis, Dilara Alpli, Tyler Hawley and Sandra Belton.