Former CEO and current board member of Advantage Lithium David Sidoo built Advantage Lithium from a $1 million market cap to a $69 million take out. He put all of the management in place, including the technical team, and helped raised $40 million to develop the project from 477,000 ounce resource  to over 4.8 million tone resource and NI 43101 reserve of over 1 million tonnes, making Advantage one of the largest Lithium Reserves in Argentina.

VANCOUVER - Former CEO and current board member of Advantage Lithium David Sidoo announces a major deal with JV partner Orocobre for $69 million sale of lithium assets in an all-stock transaction.

Sidoo built Advantage Lithium from a $1 million market cap to a $69 million take out. He put all of the management in place, including the technical team, and helped raised $40 million to develop the project from 477,000 ounce resource  to over 4.8 million tone resource and NI 43101 reserve of over 1 million tonnes, making Advantage one of the largest Lithium Reserves in Argentina.

The Board of Advantage Lithium Corp (TSXV: AAL) (OTCQX: AVLIF) announced Tuesday that it has entered into a definitive arrangement agreement with Orocobre Limited (TSX: ORL)”) pursuant to which Orocobre will, subject to the terms and conditions of the Arrangement Agreement, acquire all of the issued and outstanding common shares of Advantage that Orocobre does not already own by way of a court-approved plan of arrangement in exchange for 0.142 common shares of Orocobre (each whole common share, an “Orocobre Share”) for each common share of Advantage (an “Advantage Share”).  

Based on the closing price of Orocobre Shares on the Australian Securities Exchange on February 18, 2020, the consideration represents a premium of approximately 24% to the closing price of Advantage Shares on February 14, 2020, the last trading day of Advantage Shares prior to the announcement of the Arrangement, and a premium of approximately 35% based on the trailing 20-day volume-weighted average price of Advantage as of the close of trading on February 14, 2020.

Total share consideration is valued at approximately $69 million based on prices at the close of trading on February 14, 2020.

Sidoo is a successful Canadian businessman, philanthropist, and former professional Canadian football player. In the 1980s, Sidoo played for the University of British Columbia Thunderbirds. He is an inductee in the UBC Sports Hall of Fame and the BC Football Hall of Fame. The David Sidoo Field at Thunderbird Stadium is also named after him.

Sidoo later was one of the founding members who sold an energy company, American Oil & Gas, to the Hess Corporation. 

Sidoo is known for his philanthropic work in British Columbia, through his personal contributions and the charitable organisations founded by his family through there various business ventures. In recognition of his charitable work, Sidoo received the Order of British Columbia this past July and the Queen Elizabeth II Diamond Jubilee Medal and the Non-Resident Indian Award in 2012.

In 2015, Sidoo created the 13th Man Foundation supporting the UBC Football program.In 2006, he and his wife Manjy launched Sidoo Family Giving, a charity whose causes include supportive housing for the homeless, school breakfast and arts programs, children’s football camps and research into childhood cancers. 

The Sidoo Family Athletics Endowment, which dispenses aid to student athletes, is the largest of its kind at UBC, where Sidoo served on the board of governors.