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Tianqi Lithium Completes $505M NPO


来源:       Publishing time:2014-03-19      Total hits:534

  Sichuan Tianqi Lithium Industries, Inc. (“Tianqi Lithium” or “the Company”) announced on 12th March that it has completed a fundraising of RMB 3.13 billion Yuan (USD $505 million) via a non-public offering (NPO, or the Offering) of 111,760,000 new common shares at RMB 28 Yuan per share

The Company announced its original NPO proposal at the end of 2012, with the purpose of purchasing the 65% equity that Tianqi Group, its controlling shareholder, holds in Windfield Pty Ltd, along with the 100% equity Tianqi Group owns in  Sichuan Tianqi MineralsCo., Ltd (Tianqi Minerals). Windfield is the holding company of Talison Lithium (Australia), the long-term spoduemene supplier to Tianqi Lithium, which Tianqi Group acquired with the help of China Investement Inc. in 2013. Tianqi Minerals, on the other hand, has been the sole distributor of Talison’s technical grade products in China, accumulating a handsome market share in the ceramics industry across the country.
Tianqi Lithium amended the NPO proposal later though, to only buy 51% equity in Windfield from Tianqi Group, after the latter entered into several agreements with Rockwood and CIC, changing Windfield into a joint venture where Tianqi Group owns 51% and Rockwood 49%. The updated proposal was approved by China Security Regulatory Committee (CSRC) in January 2014, and the Company received positive feedback during its road-shows in Beijing, Shanghai, Shenzhen and Guangzhou in February. The Offering eventually attracted eight new shareholders including famous institutes such as GuoHua Life Insurance, XinHua Asset Management, PingAn Asset Management and Tibet RuiHua Investment & Development. Tianqi Group remains the controlling shareholder of Tianqi Lithium, as it owns 41.89% in the Company together with its concerted actor.

With the completion of the Offering, Tianqi Lithium gains control over the world’s biggest and best spodumene deposit, Greenbushes in West Australia. The Company will continue to supply the growing demand and provide good quality products and reliable service to its customers home and abroad.

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