Court Grants Final Order Approving Merger
Sydney, June 27, 2012 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) is pleased to advise that on 26 June 2012 the Ontario Superior Court of Justice granted the final order in relation to the plan of arrangement effecting the merger between Galaxy and Lithium One Inc (CVE:LI).
The full announcement made by Lithium One in relation to the granting of the final order is attached.
The merger between Galaxy and Lithium One is expected to be implemented on 3 July 2012.
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
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