First Lithium Minerals Inc. entered into letter of intent to acquire PetroCorp Group Inc. on January 8, 2018. Under the transaction, all common shares of First Lithium Minerals prior to the closing of the transaction will be exchanged for common shares of PetroCorp Group on the basis of one PetroCorp Group share for each First Lithium Minerals share, following a consolidation of the common shares of PetroCorp Group on a one new common share for 82 old share basis. PetroCorp Group will issue 73.05 million common shares to the shareholders of First Lithium, representing approximately 91.3% of the issued and outstanding common shares of PetroCorp Group after completion of the transaction and consolidation.

PetroCorp Group Inc. will change its corporate name to First Lithium Minerals Corp. and continue from Alberta to Ontario. The transaction is subject to number of conditions and where applicable, the transaction cannot close until the required shareholder approval is obtained.

As of January 17, 2020, the deadline to complete this proposed transaction has been extended to July 31, 2020. As of July 25, 2020, the transaction is expected to close on March 15, 2021. As of February 2, 2021, the transaction is expected to close on March 15, 2021.

As of July 16, 2021, the transaction is expected to close on October 31, 2021. As of February 28, 2022, the transaction is expected to close on June 30, 2022.