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Tasman firms up acquisition by Flinders Resources

Last updated: 15:55 21 Jun 2016 EDT, First published: 10:55 21 Jun 2016 EDT

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Flinders to acquire Tasman

Tasman Metals Ltd. (CVE:TSM) and Flinders Resources Ltd. (CVE:FDR) have signed a definitive arrangement agreement on Tuesday whereby Flinders will acquire all of the outstanding shares of Tasman.

Under the terms of the arrangement, Tasman shareholders will receive 0.5 of a Flinders common share for each Tasman share.

Holders of outstanding stock options, warrants and compensation options exercisable to acquire Tasman shares will be entitled to receive, upon exercise of such securities, for the same aggregate consideration, 0.5 of a Flinders share in lieu of each Tasman share otherwise issuable.

Upon completion of the arrangement, the current management team of Flinders will manage the affairs of the resulting issuer.

The arrangement is subject to approval by the shareholders of Tasman.

It is anticipated that Tasman will hold a special meeting of shareholders on Aug. 10, to consider the arrangement.

The arrangement will require the approval of 66-2/3rds per cent of the votes cast on the arrangement resolution by Tasman shareholders present in person or by proxy at the Tasman meeting voting as a single class, together with minority approval in accordance with Multilateral Instrument 61-101, protection of minority security holders in special transactions.

Tasman shares were 6.9% lower at C$0.27.

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