Li3 Energy, a South America-based lithium and minerals mining company has become a wholly owned subsidiary of Blue Wolf Mongolia Holdings Corp in a merger that is due to be completed July 22nd 2013. After this date Blue Wolf intends to change its name to Li3 Energy Corp.
Luis Saenz, CEO of Li3, stated: “We are very pleased to have entered into this agreement with Blue Wolf. We believe the transaction will enable Li3 to continue advancing its lithium projects in Chile and become a low-cost producer and consolidator in the lithium industry. We continue to explore strategies to advance our Maricunga Project, and this transaction demonstrates our continued efforts towards that end. We look forward to working together with Blue Wolf to close the transaction between our two companies.”
Blue Wolf has announced it is commencing with a tender offer to buy up to 1,467,970 shares of its issued and outstanding ordinary shares, at a per share price of US$9.97, when the NASDAQ price for Blue Wolf shares is US$10.75. This offer will expire at 5:00 p.m. New York City time on June 19, 2013, unless extended by Blue Wolf.
Li3’s goals are to advance its Maicunga mining projects to meet the growing demand for lithium while becoming a low cost supplier of lithium and other strategic minerals including potassium nitrate.