- 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 it has settled its outstanding current financial liabilities. Specifically, the outstanding US$1.1 million loan from Minera Salar Blanco SpA , its joint venture partner, to Li3 Energy, Inc .was repaid on November 22nd, 2017. Following this payment, Bearing has no material outstanding financial liabilities, other than short-term payables as part of ongoing operations, and approximately C$2.0 million in cash.
Jeremy Poirier, President and CEO, commented: “Since the merger with Li3, Bearing has focused on the project development of its flagship Maricunga project. However, in terms of liabilities inherited from the merger, the outstanding debt with our Chilean partner MSB was a key component of our balance sheet. The early repayment of this debt to our partners reflects our confidence in the Maricunga project and our continued effort to foster a healthy and long-term relationship with our partners in the project.