On October 6, 2026, Global Battery Materials Corp. completed its acquisition of Lomiko Metals Inc. pursuant to a court-approved plan of arrangement (the Arrangement) under the Business Corporations Act (British Columbia). Under the Arrangement, Global Battery Materials acquired all the issued and outstanding shares of Lomiko for cash consideration equal to CAD$0.13 per share. The Arrangement also provided for the treatment of Lomiko’s outstanding warrants, options, restricted share units and deferred share units. Upon completion of the acquisition, Lomiko became a wholly owned subsidiary of Global Battery Materials. The acquisition supports Global Battery Materials’ strategy of building an integrated North American battery materials and graphite supply chain.
As part of the Arrangement, Cassels also advised Global Battery Materials on a senior secured bridge loan facility whereby Global Battery Materials agreed to lend up to CAD$1.2 million to Lomiko to fund working capital requirements pending completion of the Arrangement.
In addition, in connection with the acquisition of Lomiko, Cassels advised Global Battery Materials on a concurrent acquisition financing involving a private placement of unsecured convertible debentures for aggregate gross proceeds of approximately US$12.8 million. The acquisition financing was structured to support costs and expenses relating to the acquisition of Lomiko, as well as Global Battery Materials’ broader growth strategy. The convertible debentures bear interest at a rate of 8% per annum and, subject to the conversion rights and other terms contained therein, will become due and payable on October 1, 2031.