Lithium One Metals Inc. (TSXV: LONE | OTCQB: LOMEF | FSE; H490) and Norris Lithium Inc. (CSE: CHCK) have entered into an agreement to merge companies.
The agreement states that Lithium One will acquire all of the issued and outstanding common shares of Norris Lithium on the basis of 0.672 Lithium One shares for each Norris Lithium share.
The strategic consolidation represents a significant milestone for both companies as they will benefit from the creation of a large land position in James Bay, Québec, an established presence in Northwestern Ontario in an emerging lithium district, along with a combined technical expertise, and a joint exploration programme already underway.
Nav Dhaliwal, current Lithium One CEO and proposed executive chair of the combined company, commented: “The business combination with Norris Lithium is an exciting transaction that is transformative for both companies and their shareholders. This merger combines two exciting and parallel lithium exploration portfolios, particularly focused on the active and high-profile James Bay lithium belt.”
Current president and CEO of Norris Lithium, Dale Ginn, has been appointed president and CEO of the new company.
The combined company will have an overall lithium-prospective land position of 23,650ha in Québec and 49,791ha in Ontario, creating one of the largest lithium property portfolios in Canada.
Both companies were already underway with plans for robust exploration campaigns in 2023. The merger will now allow for streamlined and cost-effective joint exploration programmes.
Upon closing of the transaction, Norris Lithium shareholders will hold around 35% of the combined company’s shares.
Dhaliwal commented, “This merger combines two exciting and parallel lithium exploration portfolios, particularly focused on the active and high-profile James Bay lithium belt.”
For further information, please visit: www.lithiumonemetals.com
