Vancouver, British Columbia – Bearing Lithium Corp. (“Bearing” or the “Company“) (TSX Venture:BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) is pleased to announce that it will be increasing its ownership in the Maricunga lithium brine project to 18.02% from 17.67% previously. The resulting ownership of the project is as follows: Lithium Power International at 51.00%, Minera Salar Blanco SpA at 30.98%, and Bearing at 18.02%.
The increased ownership comes as a result of Bearing exercising their pro-rata right of first refusal within the joint venture. This follows the announcement of Minera Salar Blanco SpA’s intent to sell 1.35% of its shares in the Maricunga joint venture company, Minera Salar Blanco S.A., for total consideration of A$2.03 million or A$0.53 million (C$0.52 million) for Bearing’s pro-rata share.
The change in ownership percentages has no impact on the operation of the joint venture as board representation for each party remains unchanged.
Jeremy Poirier, Bearing’s CEO and President commented: “By exercising our right to match, we are increasing our maximum exposure to the high-grade, pre-production Maricunga lithium brine project. We feel this project represents one of more advanced-stage pre-production lithium brine projects globally which remains at a significant disconnect with the current market valuation.”