Dutch oil and gas company Pluspetrol Resources Corp. has agreed to purchase all of the outstanding common shares of Canadian exploration stage mining company LSC Lithium Corp. in an all-cash deal.

Under the deal, Pluspetrol will pay about 111 million Canada dollar ($83.7 million) for 100 percent common shares in LSC Lithium at $0.50 per share.

Pluspetrol said that the move is the result of the previously announced strategic review process conducted by BMO Capital Markets as a lead banker and Haitong Securities of Hong Kong.

The transaction, expected to close by the end of March 2019, was unanimously approved by the LSC board of directors.