M&As this week: Galaxy Resources, Almonty Industries, Capital Mining
Galaxy Resources has reached an agreement to acquire the remaining stake in General Mining Corporation for approximately A$216m ($155.12m).
The transaction is expected to close in the third quarter of 2016, with the two parties then merging and creating a leading diversified, global lithium producer. Galaxy will hold a 71% stake in the merged company, while General Mining will hold the remaining 29%.
Almonty Industries has entered a non-binding agreement to acquire 19% of ATC Alloys's issued and to be issued shares.
Under the agreement, shareholders of ATC will receive one new Almonty share in the form of CHESS Depository Interests (CDIs) for each 10.38 ATC shares held. The transaction will result in the transfer of ATC's interests in the ATC Ferrotungsten Project, Vietnam, to Almonty.
Capital Mining has entered a binding agreement to acquire 100% of shares issued by Wolfhound Lithium for A$0.65M ($0.46m).
The transaction will grant Capital Mining the interests in the Borris, Ballon and Tinahely lithium projects, south-east of the Republic of Ireland.