The acquisition of Lepidico Ltd by Platypus Minerals has edged closer to completion after all Lepidico shareholders agreed to sell their shares to Platypus in return for Platypus shares.
Under the Share Sale Agreement (SSA) between the two companies, Platypus is to acquire 100% of the issued shares in Lepidico by the issue of a total of 750 million company shares to Lepidico shareholders.
“These shares will be escrowed for three months in respect of the minor Lepidico shareholders, and for 6 months in respect of the major Lepidico shareholders,” Platypus told the ASX on Friday, adding that the acquisition is to be voted on by Platypus shareholders in a general meeting to be held on 30 May 2016.
Also to be voted on at the general meeting will be the issue of C$500,000 worth of Platypus shares to Critical Elements Corporation, the owner of the Lemare lithium project in Quebec, Canada, in which Lepidico is earning up to a 75% interest.
“The issue price of these shares will be determined by the 5 day volume-weighted average price following the general meeting,” reads the statement.