Aug 10 2010
Salares Lithium Inc. (TSX VENTURE:LIT) ("Salares") and Talison Minerals Pty Ltd ("Talison") are pleased to announce an update regarding the proposed merger to combine their respective lithium assets.
Amended Merger Timetable
Talison and Salares have agreed to extend the termination date of the Letter Agreement that sets out the terms upon which the proposed merger will be implemented from August 9, 2010 to August 12, 2010 in order to allow the parties to complete multi-jurisdictional due diligence in connection with the proposed merger.
The remainder of certain previously announced dates will remain the same, including the meeting date of the special meeting of shareholders of Salares ("Meeting") to be held on September 16, 2010 and the record date of August 11, 2010 for determining which shareholders of Salares will be able to vote at the Meeting. The Meeting will be held in the Point Grey Room of the Marriott Vancouver Pinnacle Hotel, 1128 West Hastings Street, Vancouver, BC, at 10:00 AM (Vancouver time).
The completion of the proposed merger is anticipated to be implemented by the end of September, 2010, subject to the parties entering into a definitive agreement on or before August 12, 2010, the completion of satisfactory due diligence on or before August 12, 2010 and the parties obtaining all necessary approvals and satisfaction of other conditions.
Private Placement
The previously announced private placement of approximately CAD$40 million of subscription receipts of Salares is expected to close on or about August 19, 2010.