HeliosX Corp. signed a letter of intent to acquire Dajin Lithium Corp. for CAD 11.4 million in a reverse merger transaction.
Christopher Brown, President and Chief Executive Officer of HeliosX as well as his experienced tailings management and financial team will join the Board of Dajin. This business combination transaction will be subject to Dajin's shareholders approval; all third party consents, corporate and court approvals; Dajin shareholders holding no more than 5% of the issued and outstanding common shares of Dajin shall have exercised dissent rights; and acceptance of the TSX Venture Exchange. It is anticipated that a definitive agreement will be executed within the near term once all due diligence has been completed by both parties and all necessary approvals have been received. As of November 19, 2021, the shareholders of Dajin approved and the shareholders and Board of Directors of HeliosX have unanimously approved the transaction. AS of November 24, 2021, final order from the Supreme Court of British Columbia has been received that approved the transaction. Dajin has also received conditional approval of the arrangement from the TSX Venture Exchange and to list the common shares of the resulting issuer on the TSXV. Robb McNaughton of Borden Ladner Gervais LLP acted as legal advisor to HeliosX.