Western Lithium reported that Bangchak Petroleum has agreed to convert its remaining subscription receipts to common shares of the company, bringing its total investment in Western Lithium to US$5 Million.
As quoted in the press release:
As previously announced, the conversion of the Performance Subscription Receipts was subject to the satisfaction of certain conditions by the Company before December 31 2015, including the completion of trial runs for the production of high purity lithium carbonate at its demonstration plant in Germany sufficient to support a feasibility study.
While the Company ran a successful pilot plant campaign in November and December of 2015, it contemplates conducting further trial runs at the demonstration plant in Germany in 2016, and as such the parties amended the terms of the subscription receipt agreement between the Company, Bangchak and Computershare Trust Company of Canada. As a result, each Performance Subscription Receipt will convert into 2.676509 common shares of the Company, at an effective price of CDN$0.281 per common share or approximately 5% discount to the 20-day Volume Weighted Average Price of the Company’s shares on the Toronto Stock Exchange. The shares issuable pursuant to the amended terms are subject to approval of the Toronto Stock Exchange.
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