- 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 the closing of its previously announced acquisition of Li3 Energy, Inc. (“Li3 Energy”) (the “Acquisition”).As a result of the Acquisition, Li3 Energy and its subsidiaries are now wholly-owned subsidiaries of Bearing. In exchange for all of the outstanding common stock of Li3 Energy, Bearing issued 16 million common shares of Bearing to the former shareholders of Li3 Energy.Former Li3 shareholders can expect to receive a Letter of Transmittal with instructions on how to exchange their certificates representing Li3 Energy common stock for Bearing common shares.
“This Acquisition was a key transformative event for Bearing in securing a free-carried interest in a world class lithium brine project. The acquisition of a US listed company has been a significant undertaking, as this is something rarely accomplished by a Canadian-listed company, and I would like to thank everyone involved for their time, persistence and dedication. Having the Acquisition now behind us, and the balance sheet to satisfy our financial obligations through to the end of 2018, we look forward to continuing to building shareholder value going forward,” commented Jeremy Poirier, CEO of Bearing.
Bearing Lithium Corp. is a mineral exploration and development company, primarily focused on lithium. Its primary asset is a free-carried 17.7% 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 H1/18, are fully-funded by their earn-in joint-venture partner. Bearing also holds a portfolio of grass-roots exploration projects in the gold district of the Yukon, which are currently optioned to Golden Predator, and a lithium project in Nevada, which is currently optioned to First Division Ventures Inc.
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.