- 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 that Li3 shareholders have overwhelmingly approved the transaction. At a shareholder vote held today, a total of 71.9% of shares were voted at the meeting of which 99% voted in favor of the transaction. The number of Bearing Lithium shares to be issued under the scheme will be approximately 16 million shares. Closing of the transaction is anticipated to occur immediately.
Following completion of the transaction, Bearing Lithium will have approximately 46.5 million common shares outstanding, with former Li3 Energy shareholders representing approximately 34% of Bearing’s pro-forma share capital.
“This day is long overdue for Li3 shareholders to finally be in the TSX-V where they can be exposed to an exciting lithium market. Personally, as an officer and Director of Bearing, and also as a Director of MSB, I look forward to working with our partners to continue contributing to the development of Maricunga” commented Luis Saenz, CEO of Li3, who is stepping down from his post.
Patrick Cussen, outgoing Chairman of Li3, stated “It has been a long road full of challenges. But this shareholder vote demonstrates the confidence in our next steps with the world class Maricunga project. On behalf of the Li3 Board I thank all our shareholders for their support during the past few years and look forward to working with the Bearing team in this and future endeavours.”
“Bearing started conversations with Li3 nearly a year ago but our commitment to the transaction and Maricunga never wavered. During this time, the MSB team has worked hard in advancing the Maricunga project development program very successfully. Our focus now needs to be to work alongside our partners MSB and LPI to collectively unlock the significant still unrealized value of the Maricunga project,” commented Jeremy Poirier, CEO of Bearing.
Bearing is an exploration and development company.Its agreement with Li3 Energy Inc. (the “Li3 Definitive Agreement”) will enable it to acquire an interest in the advanced-stage Maricunga project located in Chile, which represents one of the highest-grade development opportunities in the Americas. Assuming completion of the transactions contemplated by the Li3 Definitive Agreement, Bearing will hold an undivided 17.7% interest in the project, with Lithium Power International is earning into the project by funding US$22 million in project expenditures to through to the delivery of a Definitive Feasibility Study (DFS).
ON BEHALF OF THE BOARD
Signed "Jeremy Poirier"
Jeremy Poirier, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier-- President and CEO Bearing Lithium - Telephone: 1-604-262-8835
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.