Platypus set to acquire Lepidico

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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.

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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.