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Bearing Lithium

WKN: A2NB29 | Symbol: B6K2
TSX Venture
0,00 %
0,000 CAD

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Große Leere nach dem SpinOut im Sommer 2018. :confused:

Bearing Announces Closing of Spin-out Transaction

Vancouver, British Columbia--(Newsfile Corp. - July 20, 2018) - Bearing Lithium Corp. (TSXV: BRZ) (OTCQB: BRGRF) (FSE: B6K1) ("Bearing" or the "Company") is pleased to announce that, further to its news release dated July 17, 2018, it has now closed its previously announced spin-out transaction.

The spin-out transaction was completed by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). In accordance with the terms of the Arrangement, Bearing has transferred its interests in exploration projects in the gold district of the Yukon and a lithium project in Nevada to Lions Bay Mining Corp. ("Lions Bay") in exchange for 5,510,000 common shares of Lions Bay ("Lions Bay Shares"). Bearing has retained 2,755,000 Lions Bay Shares and will distribute 2,755,000 Lions Bay Shares to Bearing shareholders. Bearing continues to hold its interest in the Maricunga Project in Chile as well as its shares in Commander Resources Ltd.

Pursuant to the Arrangement, Bearing shareholders will receive 0.049921 of a Lions Bay Share for each existing common share of Bearing (each, an "Existing Common Share"). In addition, each Existing Common Share will be exchanged for one new common share of Bearing (each, a "New Bearing Share"). The Existing Common Shares will be delisted from the TSX Venture Exchange effective at the close of business on July 20, 2018. The New Bearing Shares will be listed for trading on the TSX Venture Exchange effective at the market opening on Monday, July 23, 2018 under the same symbol as the Existing Common Shares, "BRZ".

The Lions Bay Shares will not be listed on the TSX Venture Exchange. Lions Bay anticipates applying to list the Lions Bay Shares on the Canadian Securities Exchange (CSE) following closing of the Arrangement.

For additional details on the Arrangement, shareholders are encouraged to read the Company's Management Information Circular dated May 28, 2018, which is also available for review under the Company's profile on SEDAR.

About Bearing Lithium Corp.

Bearing Lithium Corp. is a lithium-focused mineral exploration and development company. Its primary asset is an 18% interest in the Maricunga lithium brine project in Chile. The Maricunga project represents one of the highest-grade lithium brine salars globally and the only pre-production project in Chile. Over US$30 million has been invested in the project to date and all expenditures through 2018, including the delivery of a Definitive Feasibility Study in Q4/2018, have been fully-funded by our earn-in joint-venture partner.

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