Tawana Resources’ proposed merger with Alliance Mineral Mineral Assets, first announced in April, has been given the go ahead by the Australian Government.
The two companies are joint venture (JV) partners at the Bald Hill lithium-tantalum mine in the Eastern Goldfields, Western Australia.
The merger would result in the formation of a new company comprised of roughly 50-50 ownership between Tawana and Alliance; the current plan is for the $446 million-valued company to be dual-listed on both the Australian Securities Exchange (ASX) and Singapore Exchange (SGX). The boards of Tawana and Alliance have recommended shareholders accept the merger.
Alliance has received a “no objection” response from the Australian Treasurer, satisfying a Foreign Investment Review Board (FIRB) approval condition of the scheme implementation agreement between Tawana and Alliance.
The current timetable for the merger is for an initial court hearing to take place on July 20, followed by shareholder meetings by Alliance and Tawana on August 21 and 23, respectively.
Following a second court hearing pencilled for August 29, the company is expected to enter official ASX listing on September 14, though dates are subject to change.
The SGX has allocated a “no objection” ruling to Alliance regarding a request by the company to waive a rule in order to streamline the merger timetable, suggesting that SGX listing should prove fairly straightforward.
Tawana is currently preparing a scheme booklet for review by the Australian Securities and Investments Commission (ASIC) at the start of July, which will be available to the company’s shareholders by the end of said month.
Alliance is holding a general meeting to approve a $7.8 million placement to shareholder Burwill Holdings on June 25.