Ann: Receipt of unsolicited intention to make a takeover offer, page-47

Patrick McManus of PWN wouldn't have been aware of the Avalon announcement before he agreed to sell to LIT.
I wonder if he is regretting his decision.




Meanwhile, Lepidico, which has told shareholders not to take any action regarding the proposed offer from Lithium Australia, has signed a letter of intent (LoI) with TSX-listed Avalon Advanced Materials for an integrated lepidolite mining and lithium carbonate production partnership in Canada.

Avalon owns the Separation Rapids lithium deposit in Ontario.

Under the LoI, Avalon will sell at least 15 000 t/y of lepidolite concentrate produced from its planned demonstration-scale pilot plant to Lepidico for processing at its planned Phase 1 commercial lithium carbonate production facility.

As part of its prefeasibility studies, Lepidico is contemplating locating its Phase 1 plant in Canada, near large consumers of its L-Max products. Subject to the successful completion of the prefeasibility study, Lepidico plans to undertake a definitive feasibility study, which is scheduled for completion by December.