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Vancouver, British Columbia - Bearing Lithium Corp. ("Bearing" or the "Company") (TSX Venture: BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) is pleased to announce it has entered into shareholder lock-up agreements with certain Li3 Energy shareholders, representing an aggregate 326 million shares or 60.5%, to vote in favour of the pending acquisition. Bearing has entered into lock-up agreements with main Li3 Energy shareholders including POSCO Canada Ltd. (a subsidiary of Korean steel conglomerate, POSCO [NYSE:PKX]) representing 23.5%, Li3 management representing 9.7%, and other shareholders representing 27.3%.
Jeremy Poirier, President & CEO of Bearing Lithium, stated “as we continue to work with the SEC to finalize the F-4 registration statement, obtaining over 60% shareholder support, particularly including major shareholder POSCO, continues to pave the way towards a speedy closing. We are very appreciative for this achievement prior to the upcoming Li3 shareholder vote, which will be announced in short order. In the meantime, we are pleased with the progress of MSB (project manager and shareholder) on the work program being executed with Worley Parsons for the various phases of the Maricunga project, including the upcoming resource update."
"I am very thankful to our key shareholders, who have stood beside us through very tough times at Li3. This support for the transaction with Bearing shows we all have aligned interests to maximize shareholder value for our Maricunga asset," commented Patrick Cussen, Chairman of Li3 Energy.
About Bearing Lithium Corp.
Bearing is an exploration and development company.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 have an undivided 17.7% interest in the project with all expenditures through to the delivery of a Definitive Feasibility Study (DFS) fully-funded by its joint-venture partners. The Maricunga Project has had in excess of US$25 million of exploration to date.
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.
Cautionary Statements Regarding Forward Looking Information
This press release includes certain "forward-looking information” and "forward-looking statements”(collectively "forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as "expects”, "anticipates”, "believes”, "intends”, "estimates”, "potential”, "possible”, and similar expressions, or statements that events, conditions, or results "will”, "may”, "could”, or "should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion of the proposed transaction with Li3 and the settlement of the outstanding debt owed to the Li3 Noteholders. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the absence of a material adverse change in the Maricunga Property and receipt of all necessary regulatory and shareholder approvals. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, Bearing does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.