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SOURCE Chengdu Tianqi Industry Group Co., Ltd
TORONTO, March 22, 2013 /CNW/ - Chengdu Tianqi Industry (Group) Co., Ltd. ("Tianqi" or the "Offeror") today announced that Leader Investment Corporation ("Leader"), a subsidiary of China Investment Corporation ("CIC"), has subscribed for a 35% non-controlling equity interest in the Offeror's subsidiary Windfield Holdings Pty Ltd ("Windfield"), in consideration of subscription proceeds of approximately CDN$292 million (the "Subscription"). The Subscription has been made in connection with Windfield's previously announced proposed acquisition of Talison Lithium Limited ("Talison") by way of schemes of arrangement (the "Transaction").
As of the date hereof, the Offeror owns or controls a total of 22,878,033 ordinary shares ("Shares") of Talison, representing 19.99% of the issued and outstanding Shares (calculated on a non-diluted basis and based on 114,401,292 Shares issued and outstanding, based on the share registry provided by Talison).
Tianqi, via its subsidiary Sichuan Tianqi Lithium Industries, Inc. ("Tianqi Lithium"), is the world's largest hard rock lithium converter. With over ten years experience in the research, production and sales of lithium chemicals, Tianqi Lithium offers a diverse portfolio of products ranging from carbonate to lithium metals, in order to meet almost all kinds of raw material demands from battery producers. Tianqi Lithium holds a significant market share and is one of the most important raw material providers for the clean energy industry in China.
Tianqi has enjoyed a strong and mutually beneficial relationship with Talison and its predecessors since 1997. Tianqi (through subsidiaries) currently purchases approximately 40% of the chemical grade lithium concentrate produced by Talison and is the sole distributor in China of Talison's technical grade lithium concentrate.
An early warning report will be filed on SEDAR and will be available for review at www.sedar.com under Talison's profile.
Tianqi's financial adviser is RedBridge Grant Samuel, its tax and accounting adviser is PricewaterhouseCoopers, and its legal advisers are Linklaters and ZhongLun in China, Allens in Australia and Stikeman Elliott in Canada.
Further Information About Tianqi:
Tianqi is a privately held Chinese company founded in 2003. Its business activities are primarily conducted through the following subsidiaries:
Tianqi and its subsidiaries conduct their operations mainly from China, but have customers, business partners and suppliers in various countries around the world, including Europe, Australia, the United States and Japan.
More information about Tianqi is available from the following website: www.tianqigroup.cn/en/Index/aboutus.html
Further Information About CIC:
CIC is an investment institution incorporated in accordance with the PRC Company Law. It seeks stable and long-term financial returns within its risk tolerance and operates on a commercial basis.
For more information, please refer to CIC's website: www.china-inv.cn/cicen/
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