Talison Lithium to Commence Trading on TSX Under Symbol "TLH"
WORLD'S LARGEST PURE LITHIUM PRODUCTION COMPANY BEGINS TRADING
Highlights
- Merged entity brings the world's largest, high quality, low cost lithium minerals producer located in Australia together with a highly prospective, large scale lithium brine exploration portfolio in Chile
- Diversified exposure to lithium chemical production from minerals and potential brines
- Major lithium supplier to the rapidly expanding Chinese market, now the largest globally
- Ability to rapidly respond to the growing demand for lithium for electric vehicle batteries
- Proceeds of $38,074,064 under Subscription Receipt private placement released from escrow to the merged entity to fund growth
- Fully funded to expand current production and accelerate lithium chemical production
Press Release Source: Talison Lithium Limited On Thursday September 23, 2010, 7:00 am EDT
TORONTO, ONTARIO--(Marketwire - Sept. 23, 2010) - Talison Lithium Limited ("Talison") (TSX:TLH - News) is pleased to announce that in connection with yesterday's completion of the plan of arrangement (the "Arrangement") between Talison and Salares Lithium Inc. ("Salares") (refer to press release dated September 22, 2010), it is anticipated that Talison ordinary shares will commence trading on the Toronto Stock Exchange under the symbol "TLH" at the open of market today.
The completion of the Arrangement and the listing of the Talison ordinary shares satisfied the conditions for release from escrow of the proceeds from Salares' previously announced private placement of 31,128,515 subscription receipts (the "Subscription Receipts"). Pursuant to the terms of the Subscription Receipt Agreement governing the terms of the Subscription Receipts, proceeds of $38,074,064 have been released from escrow to Salares and each Subscription Receipt was exchanged for 0.35587 of a Talison ordinary share. All previous security holders of Salares now hold comparable securities of Talison (or the equivalent in Talison exchangeable shares) based on the exchange ratio under the Arrangement.
Talison has now combined its' world class lithium minerals production in Australia with Salares' prospective, large scale lithium brines exploration project in Chile. The combined entity is well-funded, allowing for immediate expansion of the producing Australian operations to run in parallel with an accelerated exploration program at the 'Salares 7' brine project.
Immediate production expansions at Talison's Australian operations are required to satisfy substantial growth in lithium demand from Chinese battery producers, for whom Talison is the primary supplier. This demand has been driven by government policies encouraging alternative energy vehicles in pursuit of energy security, reduced reliance on oil imports and environmental objectives. Additional large scale production expansion is also being pursued by Talison to meet the anticipated global growth in the lithium market.
Talison now has:
-- An attractive diversified mix of lithium mineral and brine assets in
both Australia and Chile:
-- Combination of the high quality, low cost Australian based lithium
minerals production with promising lithium brines exploration
properties located in Chile;
-- Multiple actionable growth strategies, including:
-- Expansion of existing lithium mineral production capacity by over
60% (currently in progress) to support the growing Chinese battery
market;
-- Potential low cost lithium carbonate production from minerals
conversion to supply major battery producers and vehicle
manufacturers globally; and
-- Future potential lithium carbonate production from prospective
Chilean brines;
-- Access to an extensive global customer network, established over a 25-
year lithium operations history, with the leading position in the
growing Chinese battery market; and
-- Board of Directors and management team with the skills and extensive
experience in the technical and commercial aspects of project
development, production and marketing of lithium.
