LithiumBank Receives Conditional Acceptance from the TSX Venture Exchange for its Sale of Saskatchewan Projects to Pristine Lithium Corp.

CALGARY, Alberta, Aug. 31, 2023 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank” or the “Company”) is pleased to provide the following update regarding the proposed sale (the “Transaction”) of the Company’s three lithium brine projects, Estevan, Kindersley and South located in Saskatchewan, Canada to Pristine Lithium Corp. (“Pristine Lithium” or the “Buyer”).

The Transaction is proceeding as announced in the Company’s news release dated July 31, 2023 and the parties are continuing to work together to close the Transaction. The Company received conditional acceptance from the TSX Venture Exchange (the “TSXV”) for the Transaction. Completion of the Transaction remains subject to a number of conditions, including completion of the Buyer’s concurrent best efforts private placement at a price per security of at least $0.30 for aggregate gross proceeds of not less than C$9,000,000, and receipt of applicable governmental and regulatory approvals, including final acceptance of the TSXV. The Transaction has an outside date of January 24, 2024.

About LithiumBank Resources Corp.

LithiumBank Resources Corp. is a development company focused on lithium-enriched brine projects in Western Canada where low-carbon-impact, rapid DLE technology can be deployed. LithiumBank currently holds over 3.6 million acres of mineral titles, 3.33M acres in Alberta. LithiumBank’s mineral titles are strategically positioned over known reservoirs that provide a unique combination of scale, grade and exceptional flow rates that are necessary for a large-scale direct brine lithium production. LithiumBank is advancing and de-risking several projects in parallel of the Boardwalk Lithium Brine Project.

About Pristine Lithium Corp.

Pristine Lithium Corp. is a lithium brine exploration and development company that has a right to acquire three projects covering 336,000 acres in southern Saskatchewan. Pristine Lithium is focused on purposefully advancing its projects from resource delineation through to economic optimization. It will use validated Direct Lithium Extraction technology to develop long life, North American lithium projects that will have limited surface footprints and provide a critical battery metal for the green energy industry.