Lithium Power International (ASX: $LPI) acquisition update

Lithium Power International Limited (ASX: $LPI) shareholders have approved the proposed scheme of arrangement for the acquisition by Salar de Maricunga SpA, a wholly-owned subsidiary of Corporación Nacional del Cobre de Chile ('Codelco'). The resolution to approve the Scheme was passed by the requisite majorities of LPI Shareholders, with 94.51% of shareholders present and voting in favor of the Scheme and 99.54% of the votes cast in favor of the Scheme.

Executive commentary on acquisition approval

The approval of the acquisition scheme by the shareholders marks a significant milestone for Lithium Power International. We are pleased with the overwhelming support shown by our shareholders, and we believe that this acquisition will create new opportunities for the company's growth and development. We look forward to the next steps in the process and remain committed to keeping our shareholders informed of any material developments.

Summary of acquisition approval and outlook

Lithium Power International Limited (ASX: $LPI) has successfully obtained shareholder approval for the proposed acquisition by Salar de Maricunga SpA, a subsidiary of Codelco. The next step involves seeking approval from the Federal Court of Australia at the Second Court Hearing scheduled for 13 February 2024. Upon satisfaction of the remaining conditions precedent and the Court's approval, the implementation of the Scheme is expected to occur on 23 February 2024. The company remains focused on updating shareholders on material developments and is committed to the successful completion of the acquisition, which is anticipated to bring new opportunities for growth and expansion.