Long

METALS - GXY

Updated
Model Forecast for Galaxy Resources Ltd:
- Model has produced Line of Least Resistance Elliot Wave for GXY.
- Cup and Handle breakout.
- Galaxy Resources is a leading producer and developer of lithium.
- We are bullish on commodities, especially metals.

GLHF,
DPT

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Trade active
April 19, 2021

Australian lithium miner Orocobre Ltd (ORE.AX) is buying smaller domestic peer Galaxy Resources (GXY.AX) for $1.4 billion to create the world's fifth most valuable producer of the key raw material for electric vehicle batteries...

The all-stock deal for A$1.78 billion ($1.38 billion)announced on Monday, which will also establish Australia's most valuable lithium miner with a A$4 billion market capitalisation, comes as demand for the material is booming amid a jump in global sales of electric vehicles..

Under the deal, Galaxy shareholders will receive 0.569 Orocobre shares for each Galaxy share. Orocobre shareholders would ultimately own 54.2% of the combined entity, with Galaxy shareholders holding the remaining 45.8%...

The deal has the unanimous support of the Galaxy board, subject to an independent report and no superior proposal emerging. It is due to complete in August.

reuters.com/business/australias-orocobre-buys-galaxy-make-worlds-fifth-largest-lithium-company-2021-04-19/
Trade closed: target reached
GXY approves merger with Orocobre, GXY reaches 5.7 AUD. Successful speculation on merger.
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