TSX: TLH
Sep 23, 2010 07:00 ET
Talison Lithium Commences 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
TORONTO, ONTARIO--(Marketwire - Sept. 23, 2010) - Talison Lithium Limited ("Talison") (TSX:TLH) 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:
A presentation of the new combined company can be accessed at the Talison website www.talisonlithium.com.
About Talison Lithium Limited
Talison is the leading global producer of lithium. Talison mines and processes lithium bearing mineral spodumene at the Greenbushes Lithium Operations in Western Australia. Talison has an extensive, well established global customer network and a leading position in the growing Chinese market. In addition, Talison now has an extensive lithium brine exploration project in Region III, Chile. Talison's 'Salares 7' lithium project is made up of seven salars (brine lakes, and the surrounding concessions) that are prospective for sub-surface lithium and potassium. Five of the seven salars are clustered within 155 kilometres and are 100% owned by Talison and its Chilean partner.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This press release is for information purposes only.
Forward-Looking Statements
This release contains "forward-looking statements" which reflect the current expectations of the companies. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release. Although the forward-looking statements contained in this release are based upon what the company believes to be reasonable assumptions, the company cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and the companies do not assume any obligation to update or revise them to reflect new events or circumstances.
For more information, please contactThe 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.
A presentation of the new combined company can be accessed at the Talison website www.talisonlithium.com.
About Talison Lithium Limited
Talison is the leading global producer of lithium. Talison mines and processes lithium bearing mineral spodumene at the Greenbushes Lithium Operations in Western Australia. Talison has an extensive, well established global customer network and a leading position in the growing Chinese market. In addition, Talison now has an extensive lithium brine exploration project in Region III, Chile. Talison's 'Salares 7' lithium project is made up of seven salars (brine lakes, and the surrounding concessions) that are prospective for sub-surface lithium and potassium. Five of the seven salars are clustered within 155 kilometres and are 100% owned by Talison and its Chilean partner.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This press release is for information purposes only.
Forward-Looking Statements
This release contains "forward-looking statements" which reflect the current expectations of the companies. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release. Although the forward-looking statements contained in this release are based upon what the company believes to be reasonable assumptions, the company cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and the companies do not assume any obligation to update or revise them to reflect new events or circumstances.
Investors:
Talison Lithium Limited
Todd Hilditch
Director, Investor Relations
(604) 443-3831
or
Talison Lithium Limited
Peter Oliver
CEO
+61 8 9263 5555
www.talisonlithium.com
or
Media:
FD
Kim O'Halloran
Vice President, Corporate Communications
(312) 553-6733
kim.ohalloran@fd.com
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