Galaxy Resources Limited (ASX:GXY) has received court approval for its merger with Canadian lithium and potash exploration and development company, Lithium One.
Galaxy, a lithium mining, chemicals and battery company, launched a friendly $109 million takeover in April and now expects the merger to be implemented next week.
Galaxy and Lithium One shareholders endorsed the merger earlier this month, overwhelmingly approving all resolutions.
Galaxy says the merger will create a vertically integrated lithium company with Galaxy’s resource base receiving a boost through Lithium One’s $US1 billion Sal De Vida lithium potash project in Argentina.
In the first half of its 2012 financial year Galaxy Resources booked a net loss of $131.9 million.
