- Maricunga Project
- Maricunga (DFS)
Vancouver, British Columbia - Bearing Lithium Corp. ("Bearing" or the "Company") (TSX Venture: BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) is pleased to announce a non-brokered private placement (the “Private Placement”) offering of up to 8,000,000 units (“Units”) at a price of $0.25 per Unit for gross proceeds of up to $2,000,000.Each Unit will consist of one common share and one-half of a common share purchase warrant (each whole warrant, a “Warrant”).Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.40 for 12 months following closing of the Private Placement.In the event the Private Placement is over-subscribed, the Company will make provision for an over-allotment option (the “Over-Allotment Option”) to allow the Company to increase the size of the Private Placement by up to 20% and issue an additional 2,000,000 Units for additional gross proceeds of $500,000.
In connection with the Private Placement, the Company may pay cash finders’ fees to eligible finders of up to 6% of the gross proceeds received and may issue warrants equal to 6% of the Units placed (“Finders” Warrants”).The Finders’ Warrants will have the same terms as the Warrants forming part of the Units.
The Company intends to use the net proceeds of the Private Placement to fund the acquisition of its previously announced increased ownership in the Maricunga Project (see the Company’s news release dated June 25, 2018) and for working capital.
Completion of the Private Placement remains subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a statutory four month hold period.