Shares of Neo Lithium Corp. (OTCMKTS:NTTHF) have been moving within a narrow range over the past session. The stock has gained 110% over the past 6-month.
Market Reaction
On Friday, NTTHF stock fell 0.20% to $4.99 with 126k shares, compared to its average volume of 252K shares. The stock has moved within a range of $4.9400 – 5.0000 after opening trade at $4.94.
Arrangement with Zijin Mining Group Approved by Neo Lithium Shareholders
Neo Lithium Corp. (OTCMKTS:NTTHF) announced on December 10, 2021, about getting approval from shareholders of the company at a special meeting, regarding their previously-announced plan of arrangement with Zijin Mining Group, along with its fully owned subsidiary 2872122 Ontario Limited.
Zijin is set to acquire all issued and outstanding common shares of Neo Lithium Corp. in regards to a statutory plan of arrangement under the Business Corporations Act Ontario). Each shareholder will receive cash consideration of C$6.50 for each Common Share held upon the closing of the arrangement mentioned above. 52,609,268 votes were cast by holders of Common Shares, representing 37.20% of the total issued and outstanding Common Shares. 48,569,777 Common Shares among the votes cast (92.578%), voted in favor of the arrangement.
The company intends to seek a final order from the Superior Court of Justice (Commercial List), on approval of the arrangement. The hearing is expected to be held on December 15, 2021. If all conditions are satisfied and required approvals obtained, then the arrangement is expected to close in Q1 of 2022.
Once this transaction closes, the Common Shares will be de-listed from the TSX Venture Exchange. They won’t be available for trading on the TSXV, OTCQX International or Frankfurt Stock Exchange.
Traders Review
NTTHF stock is trading above the 200-Day and 50-Day Moving averages of $3.17 and $4.95 respectively. However, the stock is trading below the 200-Day moving average of $5.02. The stock is up 42% over the past 3-month.
