Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to announce the completion of the previously announced plan of arrangement (the “Arrangement”), with Desert Lion Energy Inc. (“Desert Lion”) whereby Lepidico has acquired all of the outstanding common shares of Desert Lion for consideration of 5.4 Lepidico ordinary shares for every 1 Desert Lion common share (the “Exchange Ratio”). The Arrangement, which was announced on May 7, 2019, was approved by the Desert Lion’s shareholders at an annual general and special meeting held on June 27, 2019.
Business combination between Lepidico and Desert Lion Energy completes
Lepidico now holds an 80% interest in the highly prospective Karibib Lithium Project which covers approximately 1,000km2
Two drill rigs have already arrived at the Karibib Lithium Project and drilling will start imminently
Feasibility Study work to integrate the Karibib Lithium Project with the Phase 1 Plant Project Study commenced earlier this week
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