- 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 it has entered into an option agreement dated September 25, 2017 (the "Agreement") with First Division Ventures Inc. ("First Division"), for First Division to acquire a 100% interest (the "Option") in certain mining claims held by Bearing located in Esmeralda County, Nevada (the "Claims"). First Division is a private company located in British Columbia.
The terms of the Agreement provide that in order for First Division to exercise the Option, it must make a cash payment in the initial amount of $20,000 and issue 20,000 common shares to Bearing within 10 days of execution, and thereafter issue an additional 4,000,000 common shares to Bearing by the third anniversary of the Agreement.First Division must also carry out a $3,000,000 work program on the Claims prior to the third anniversary of the Agreement:$120,000 within the first year, $800,000 during the second year and $2,000,000 by the end of the third year.
Following exercise of the Option, the Bearing will retain a 3% net smelter returns royalty (the "NSR Royalty"). The NSR Royalty is not subject to a buy-back or repurchase right.
Jeremy Poirier, Bearing's president and Chief Executive Officer, commented: "We are excited to partner with First Division Ventures on our Fish Lake property. This transaction allows us to see advancement on the property without having to dilute our shareholders and still retaining upside through cash and share payments plus a royalty.”
About Bearing Lithium Corp.
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.