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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.