PERTH, Australia, 2 May 2014 /CNW Telbec/ - Galaxy Resources Limited (ASX: GXY) (Company) wishes to advise that the Australian Securities and Investments Commission (ASIC) has granted the Company an extension of time in which to hold its Annual General Meeting (AGM) for the financial year ended 30 December 2013, until 20 June 2014.
As announced to the ASX on 30 April 2014, the Company entered into a binding agreement for the sale of 100% of the Jiangsu Lithium Carbonate plant in China (Transaction). Shareholder approval is required for the Transaction.
As a general meeting will need to be held to obtain shareholder approval for the Transaction, it has been determined that the Company would save significant cost by obtaining the approval at a general meeting to be held on the same date as the Company's AGM at back to back meetings.
If the Company were to hold the AGM on or before 30 May 2014 as required under the Corporations Act, it would not be able to prepare, obtain ASX and ASIC approval for, and despatch, the notice of meeting containing the resolution required for the Transaction in the available timeframe while still providing the requisite notice period under the Corporations Act.
Accordingly, the Company sought an extension of time to hold the AGM, which has been granted by ASIC. All shareholders will be notified of the AGM date and relevant details as soon as possible within the requirements of the Corporations Act and ASX Listing Rules.
Caution Regarding Forward Looking Information.
This document contains forward looking statements concerning Galaxy.
Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.
Forward looking statements in this document are based on Galaxy's beliefs, opinions and estimates of Galaxy as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.
Not For Release in US
This announcement has been prepared for publication in Australia and may not be released in the U.S. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the company and management, as well as financial statements.
SOURCE: Galaxy Resources Limited
For further information: Corporate, Andrew Meloncelli, Interim CFO & Company Secretary, Galaxy Resources Limited, Tel (office): +61 (0) 8 9215 1700, Email: email@example.com; Media Contact, Shane Murphy, FTI Consulting, Tel (office): +61 (0) 8 9485 8888, Tel (mobile): + 61 (0) 420 945 291, Email: firstname.lastname@example.org