Plateau Energy Metals Provides Update On Arrangement With American Lithium
GlobeNewswire - Wed Mar 10, 6:25AM CST
Plateau Energy Metals Inc. ("Plateau" or the "Company") (TSX-V: PLU | OTCQB: PLUUF) announces that the Special Meeting (the "Special Meeting") of its security holders in connection with its previously announced business combination ("Arrangement") with American Lithium Corp. ("American Lithium") is scheduled to be held on May 3, 2021. Materials for the Special Meeting will be mailed to shareholders and optionholders of record as of the close of business on March 26, 2021. Further details about the Arrangement are set out in the news release of February 9, 2021 and in the information circular to be filed on SEDAR and mailed to shareholders and optionholders of Plateau at the beginning of April. All shareholders and optionholders of Plateau are urged to read the information circular once available, as it will contain important additional information concerning the Arrangement.
The Arrangement will be carried out by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario) and will require the approval of: (i) at least 66 2/3% of the votes cast by all Plateau shareholders; (ii) at least 66 2/3% of the votes cast by all Plateau shareholders and all holders of Plateau stock options voting together as a single class; and (iii) and a simple majority of the votes cast by all Plateau shareholders excluding certain interested or related parties as required by Multilateral Instrument 61-101, in each case by securityholders present in person or represented by proxy at the securityholder meeting.
Closing of the Arrangement is subject to the receipt of applicable regulatory approvals and the satisfaction of certain other closing conditions customary in transactions of this nature, including, without limitation, approval of the Ontario Superior Court of Justice and the TSX Venture Exchange. Closing of the Arrangement is anticipated to occur in May 2021.
Immediately following the completion of the Arrangement, Plateau will become a wholly owned subsidiary of American Lithium, while former Plateau shareholders will own approximately 21% of American Lithium's shares on an outstanding undiluted basis upon completion of the Arrangement.
The Arrangement has been unanimously approved by the board of directors of both American Lithium and Plateau, and the directors of Plateau, based on the recommendation of a special committee of independent directors of Plateau, recommend that Plateau shareholders and optionholders vote in favour of the Arrangement. Directors and officers of Plateau and certain shareholders have entered into customary voting support agreements, representing in aggregate approximately 17% of Plateau's outstanding common shares, to vote in favour of the Agreement.
About Plateau Energy Metals
Plateau Energy Metals Inc., a Canadian exploration and development company, is enabling the new energy paradigm through exploring and developing its Falchani lithium project and Macusani uranium project in southeastern Peru, both of which are situated near significant infrastructure.
About American Lithium
American Lithium (TSXV:LI | OTCQB:LIACF | Frankfurt:5LA1) is actively engaged in the acquisition, exploration and development lithium deposits within mining-friendly jurisdictions throughout the Americas. The company is currently exploring and developing the TLC lithium project located in the highly prospective Esmeralda lithium district in Nevada. TLC is close to infrastructure, 3.5 hours south of the Tesla Gigafactory, and in the same basinal environment as Albemarle's Silver Peak lithium mine, and several advancing deposits and resources, including Ioneer Ltd.'s (formerly Global Geoscience) Rhyolite Ridge and Cypress Development Corp.'s Clayton Valley Project.
For further information, please contact:
Plateau Energy Metals Inc.
Laurence Stefan, Director, Facebook: www.facebook.com/pluenergy/
President & Interim-CEO Twitter: www.twitter.com/pluenergy/
+1-416-628-9600 Website: www.PlateauEnergyMetals.com
IR@PlateauEnergyMetals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains certain forward-looking information and forward-looking statements (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. These include statements regarding the intent of American Lithium and Plateau (the "Companies"), or the beliefs or current expectations of the officers and directors of the Companies post-closing of the Arrangement. Forward-looking statements in this news release include, but are not limited to, statements regarding anticipated benefits of the Arrangement, the closing of the Arrangement, TLC and Falchani (the "Projects") and any statements regarding the business plans, expectations and objectives of the Companies.
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