Bearing Announces Shareholder Meeting Results and Shareholder Approval Of Spin-Out Transaction 09-Jul-2018
Vancouver, British Columbia - Bearing Lithium Corp. ("Bearing" or the "Company") (TSX Venture:
BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) is pleased to announce that all of management’s six director nominees were elected at its annual general and
special meeting of shareholders held on Thursday, June 28, 2018 (the “Meeting”).Returning to the board are incumbent directors Jeremy
Poirier, Luis Saenz, Patrick Cussen, Timothy Heenan and Sungwon Lee (POSCO nominee). In addition, Jonathan Lee, a new director of the Company, was
elected at the Meeting.
At the Meeting, shareholders also passed a special resolution approving the Company’s previously announced proposed spin-out transaction to be completed
by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).Under
the terms of the Arrangement, Bearing will transfer its interests in exploration projects in the gold district of the Yukon and a lithium project in
Nevada in exchange for 5,510,000 common shares of SpinCo. Bearing will retain 2,755,000 Consideration Shares and will spin out 2,755,000 Consideration
Shares (the "Spin-Out Shares") to Bearing shareholders. As a result, it is anticipated that each Bearing shareholder will receive
0.049921 of a Spin-Out Share for each Bearing common share held. Bearing will continue to hold shares of Commander Resources Ltd. (TSX-V: CMD) as well
as its interest in the Maricunga lithium project.
The Arrangement remains subject to the final approval of the Supreme Court of British Columbia. It is anticipated that approval will be sought at
hearing to be held on July 4, 2018 in Vancouver, British Columbia. Details on the court hearing are contained in the management information circular
mailed to shareholders in connection with the Meeting and available under the Company’s profile at www.sedar.com.