PERTH, Australia, Aug. 7, 2017 /CNW Telbec/ - Galaxy Lithium One Inc. ("GLOI") announces the exercise by Galaxy Lithium One (Québec) Inc. ("Callco") of its overriding right to purchase all and not less than all of the issued and outstanding exchangeable shares of GLOI issued in the context of the acquisition of Lithium One Inc. by Galaxy Resources Limited ("Galaxy") by way of plan of arrangement on July 4, 2012 (the "Plan of Arrangement"). In accordance with the provisions of the exchangeable shares, the purchase by Callco was satisfied in full by Callco delivering or causing to be delivered 1,387,746 ordinary shares of Galaxy (on a post-consolidation basis) to the holders of the exchangeable shares of Galaxy Lithium One Inc., representing 100% of all of the issued and outstanding exchangeable shares of GLOI, which delivery occurred on August 7, 2017.
Following the completion of the issuance of the ordinary shares to the previous holders of the exchangeable shares, Galaxy Lithium One Inc. intends to apply for a revocation of its reporting issuer status under Canadian securities laws and regulations.
SOURCE Galaxy Resources Limited
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