Vancouver, British Columbia – Bearing Lithium Corp. (“Bearing” or the “Company“) (TSX Venture:BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) is pleased to announce that, further to its news release dated July 17, 2018, it has now closed its previously announced spin-out transaction.
The spin-out transaction was completed by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”). In accordance with the terms of the Arrangement, Bearing has transferred its interests in exploration projects in the gold district of the Yukon and a lithium project in Nevada to Lions Bay Mining Corp. (“Lions Bay”) in exchange for 5,510,000 common shares of Lions Bay (“Lions Bay Shares”). Bearing has retained 2,755,000 Lions Bay Shares and will distribute 2,755,000 Lions Bay Shares to Bearing shareholders. Bearing continues to hold its interest in the Maricunga Project in Chile as well as its shares in Commander Resources Ltd.
Pursuant to the Arrangement, Bearing shareholders will receive 0.049921 of a Lions Bay Share for each existing common share of Bearing (each, an “Existing Common Share”). In addition, each Existing Common Share will be exchanged for one new common share of Bearing (each, a “New Bearing Share”).The Existing Common Shares will be delisted from the TSX Venture Exchange effective at the close of business on July 20, 2018. The New Bearing Shares will be listed for trading on the TSX Venture Exchange effective at the market opening on Monday, July 23, 2018 under the same symbol as the Existing Common Shares, “BRZ”.
The Lions Bay Shares will not be listed on the TSX Venture Exchange.Lions Bay anticipates applying to list the Lions Bay Shares on the Canadian Securities Exchange (CSE) following closing of the Arrangement.
For additional details on the Arrangement, shareholders are encouraged to read the Company’s Management Information Circular dated May 28, 2018, which is also available for review under the Company’s profile on SEDAR.