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FINWIRES

Global Lithium Resources to be Acquired for AU$333 Million by Titan Australia

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Global Lithium Resources (ASX:GL1) entered into a binding scheme implementation deed with Titan Australia Mining, under which Titan will acquire 100% of Global Lithium's shares by way of a scheme of arrangement for cash consideration of AU$1.15 per share, valuing the company at about AU$333 million, according to a Tuesday Australian bourse filing.

The company said its directors have unanimously recommended shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an independent expert concluding the scheme is in the best interests of shareholders.

Titan Australia Mining Holdings, a member of the Titan Lithium Group, has agreed to provide Global Lithium with a AU$120 million bridging loan facility split into four tranches to fund development expenditure at the Manna Lithium Project, the filing added.

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