Vancouver, British Columbia – Bearing Lithium Corp. (“Bearing” or the “Company“) (TSX Venture: BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) confirms that Minera Salar Blanco SA (“MSB”), the company that holds the Maricunga lithium brine project and which Bearing Lithium has a free-carried 17.7% interest in, has entered into discussions with the Fulin Group, a major Chinese consolidated company.
Bearing confirms that MSB has entered into a non-binding Memorandum of Understanding (“MOU”) to explore cooperation opportunities between the two companies which includes a potential equity purchase in MSB ranging from 20 – 50% and a funding agreement to provide the necessary equity and debt to fund the construction and development costs for the project. For this potential investment, Fulin seeks to secure a direct project interest, offtake and marketing rights. Bearing wishes to reaffirm that the MOU under discussion and any transaction would be subject to due diligence, agreement of the commercial terms, entry into legally binding documentation and all parties obtaining all the required regulatory and MSB shareholder approval. Given the stage of discussions, there is no certainty that any transaction will be entered into and updates will be provided if and when material developments occur.
Bearing Lithium’s President and CEO, Jeremy Poirier, commented “The global interest from major companies reaffirms the value of the Maricunga project. We will continue to evaluate all opportunities from interested parties to maximize value for our shareholders.”
About Fulin Group
The Sichuan Fulin Industrial Group Co., Ltd. (“Fulin Group”) is a holding company incorporated in 1995 and is based in Miayang, China. The company engages in the manufacturing and marketing of automobiles in China.