Lithium Americas Corp (TSX: LAC) announced on Wednesday that the shareholders of acquiree Millennial Lithium (TSXV: ML) approved the proposed acquisition. The transaction secured approximately 98% of the votes in favor of the arrangement.

The company first made an offer to acquire Millennial Lithium in November 2021, bidding against China-based firm Contemporary Amperex Technology. Lithium Americas then entered into a definitive agreement where Millennial Lithium shareholders will receive $4.70 equivalent of Lithium Americas shares plus $0.001 in cash per share, putting total consideration of US$400 million for the transaction.

Following the approval, the firm is now securing a final court order and expects the transaction to close on January 25, 2022.

The lithium company recently raised US$258.8 million from its offering of 1.75% convertible senior notes due 2027, including full exercise of the overallotment option.

Lithium Americas last traded at $39.64 on the TSX.

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