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Lithium Australia gets acceptances to buy 99.7% of battery cathode developer

Lithium Australia NL received acceptances to buy 99.7% of the issued capital of Very Small Particle Co. Ltd., a Brisbane, Australia-based battery cathode developer.

In August 2017, the company agreed to acquire at least 75%, and up to 100%, of Very Small Particle for A$45,000 cash and issue up to 61,151,326 fully paid ordinary shares and up to 30,575,663 partly paid shares.

Lithium Australia said Feb. 28 that it intends to expedite recommissioning of a pilot plant owned by the target company, which incorporates cathode powder production as well as battery production and testing.

"The [Very Small Particle] acquisition elevates Lithium Australia's role as a processor of primary materials to that of a sustainable producer of lithium-ion battery components," Managing Director Adrian Griffin said.