GFL International Co., Ltd. entered into an agreement to acquire Millennial Lithium Corp. (TSXV:ML) from Million Surge Holdings Limited and others for approximately CAD 360 million on July 16, 2021. Under the terms of the agreement, Ganfeng will acquire all of the outstanding common shares of Millennial for CAD 3.6 per common share. As part of the agreement, outstanding warrants, options, restricted share units (RSUs) and performance share units (PSUs) of Millennial will be acquired by Ganfeng and cancelled. Holders of warrants will receive cash consideration of CAD 0.3 per warrant, holders of options will receive cash consideration equal to the purchase price less the exercise price, and holders of RSUs and PSUs will receive cash consideration equal to the purchase price. Upon closing of the Arrangement, the securities of Millennial are expected to be concurrently delisted from the TSX Venture Exchange. Millennial will pay a termination fee of $10 million (CAD 12.58 million) to Ganfeng in case Millennial terminates the agreement, and Ganfeng will pay a termination fee of $16 million (CAD 20.13 million) to Millennial in case Ganfeng terminates the agreement. The transaction is subject to shareholders approval of Millennial and Ganfeng, receipt of certain regulatory and court approvals, including approval by relevant authorities in the People's Republic of China and Investment Canada Act approval, and other customary closing conditions. Based on unanimous recommendation of a special committee of directors of Millennial, the transaction has been approved unanimously by the Board of Directors of Millennial, and the Board recommends that Millennial shareholders vote in favor of the transaction. The transaction has also been approved by the Board of Directors of Ganfeng. Directors and officers of Millennial, as well as Millennial's largest shareholder, have entered into support and voting agreements pursuant to which they have agreed to vote their common shares in favor of the transaction. Millennial has received an interim order of the British Columbia Supreme Court authorizing and approving various matters in connection with the arrangement. The transaction is expected to close in the fourth quarter of 2021. Linda Hogg of Gowling WLG (Canada) LLP acted as legal advisor to Ganfeng. Credit Suisse Securities (Canada) Inc. acted as financial advisor and Gary Sollis of Dentons Canada LLP acted as legal advisor to Millennial. Sprott Capital Partners LP acted as fairness opinion provider and financial advisor to Millennial’s special committee. GFL International Co., Ltd. cancelled the acquisition of Millennial Lithium Corp. (TSXV:ML) from Million Surge Holdings Limited and others on September 28, 2021.