Lithium Ionic Inc. completed the acquisition of POCML 6 Inc. (TSXV:POCC.P) in a reverse merger transaction.
The completion of the Proposed Transaction is subject to a number of terms and conditions, including and without limitation to the following: negotiation and execution of the Definitive Agreement, receipt of all requisite regulatory, stock exchange, court or governmental approvals, authorizations and consents; the absence of any material change or a change in a material fact or a new material fact affecting POCML6 or Lithium Ionic; the completion of the Consolidation and the name change of POCML6 to Lithium Ionic Corp. or such other name as determined by Lithium Ionic, if applicable, POCML6 having received appropriate approvals from its shareholders; Lithium Ionic having received appropriate approvals from its shareholders; the completion of the Offering for minimum gross proceeds of CAD 7,500,000; the completion of a NI 43-101 compliant technical report in respect of the Itinga Project; and the exercise of all outstanding stock options of POCML prior to the Consolidation. POCML shareholders approved the transaction on annual and special meeting of shareholders held on March 28, 2022. Lithium Ionic shareholder will hold a meeting on April 14, 2022 to approve the transaction.
Lithium Ionic Inc. completed the acquisition of POCML 6 Inc. (TSXV:POCC.P) in a reverse merger transaction on May 19, 2022. Lithium Ionic shares are expected to commence trading on the TSX Venture Exchange (the TSXV) under the ticker symbol LTH on or about May 24, 2022. In connection with the completion of the Transaction, the TSXV has conditionally approved the listing of the Company Shares. Prior to the completion of the transaction, Lithium Ionic: (i) completed a consolidation of its issued and outstanding common shares (Company Shares) on the basis of 0.614504 of one (1) post-consolidation Company Share for every one (1) pre-consolidation Company Share (the Consolidation); and (ii) approved the change of its name from POCML 6 Inc. to Lithium Ionic Corp. Pursuant to the transaction, the issued and outstanding common shares of Lithium Ionic were exchanged for POCML Shares on a 1:1 basis. Pursuant to the transaction: (i) an aggregate of 89,420,202 post-Consolidation POCML Shares were issued in exchange for the Lithium Ionic. Miller Thomson LLP acted as legal counsel to Lithium Ionic, Irwin Lowy LLP acted as legal counsel to POCML 6.