- Maricunga Definitive
Feasibility Study (DFS)
Vancouver, British Columbia - Bearing Lithium Corp. ("Bearing" or the "Company") (TSX Venture: BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) announces that, as of Friday, October 20, 2017, all share purchase warrants of the Company (the “2016 Warrants”) issued pursuant to the Company’s September 2016 private placement have been exercised. In total, 12.48 million 2016 Warrants were exercised at an exercise price of $0.25 for total proceeds of C$3.12 million. Proceeds of the private placements from 2016 have been primarily used to deleverage Li3 Energy, Inc. (“Li3 Energy”), a recently acquired subsidiary of the Company, and to pay legal and other costs associated with the acquisition of Li3 Energy.
The Company currently has 54.7 million issued and outstanding common shares (including shares issued pursuant to the exercise of the 2016 Warrants) and treasury of over C$3.2 million.
Jeremy Poirier, President and CEO of the Company, commented: “We are pleased to have strengthened our balance sheet and for the continued support of shareholders. Given our free-carry on project expenditures at Maricunga and forecasted corporate expenditures, Bearing remains well capitalized to fund its obligations through to the end of 2018. “