On October 25, 2021, 2555663 Ontario Limited, doing business as Li-Metal (“Li-Metal”) completed a reverse takeover (“RTO”) of Eurotin Inc. (“Eurotin”), forming Li-Metal Corp. After the completion of the RTO, the shares of Li-Metal Corp. were listed on the CSE under the ticker symbol “LIM”.
In connection with the RTO, Li-Metal completed an offering of US$3,000,000 senior secured convertible debentures (the “Debentures”). Immediately prior to the RTO, each Debenture automatically converted into one common share of Li-Metal Corp. (each, a “Resulting Issuer Share”) and one warrant to purchase a Resulting Issuer Share (each, a “Resulting Issuer Warrant”).
Li-Metal also completed a private placement of 7,500,000 subscription receipts (the “Subscription Receipts”) for aggregate gross proceeds of US$7,500,000. Upon the completion of the RTO, each Subscription Receipt automatically converted into one Resulting Issuer Share and one Resulting Issuer Warrant.
Fasken advised Li-Metal Corp. with a team led by Gesta Abols and including John Turner, Elyse Velagic, Caitlin Sabetti, George Soules and Gordon Lee (M&A); Jackie VanDerMeulen (Employment); and Christopher Steeves and Puyang Zhao (Tax).
Jurisdiction
- Ontario
