GCL unit pays first tranche of $30 million investment in Millennial Lithium

Hong Kong-based Golden Concord Group (GCL) includes a number of companies that are active in the Chinese solar market, including GCL-Poly, the world’s largest polysilicon and wafer producer. Integrated energy services provider Million Surge, a wholly owned subsidiary of GCL, has agreed to buy 12 million common shares of Millennial Lithium at $2.50 per share in a private placement.

Vancouver-based Millennial Lithium will use the proceeds to expand its lithium brine projects in Argentina. As part of the deal, Million Surge — a PV materials producer — will have the right to nominate a representative to Millennial Lithium’s board of directors, providing it continues to hold at least 15% of its issued and outstanding shares. Million Surge will be able to participate in any additional shares issuances to keep its stake above the 15% threshold. It has agreed to refrain from selling any of its holdings in Millennial Lithium until May 10, 2018.

Following the closure of the first tranche, Million Surge now holds 9.9% of Millennial Lithium’s issued share capital. The finalization of the second tranche will bring its stake to 17%, according to an online statement.