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General Mining recommends shareholders to accept Galaxy takeover offer

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General Mining recommends shareholders to accept Galaxy takeover offer

The board of GeneralMining Corp. Ltd. has unanimously recommended that shareholdersaccept Galaxy Resources Ltd.'stakeover offer in theabsence of a superior proposal.

In May, Galaxy Resources agreed to acquire General Mining tocreate a lithium miner with a market cap exceeding A$700 million. Galaxy Resourcesis offering 1.65 of its shares for every General Mining share held, valuing thelatter at A$216 million, or 65.2 Australian cents per share.

The two companies became joint venture partners for theMount Cattlinspodumene project in Western Australia in June 2015 under an .