Vancouver, British Columbia – Bearing Lithium Corp. (“Bearing” or the “Company“) (TSX Venture:BRZ) (OTCQB: BLILF) (FRANKFURT: B6K2) announces that it has disposed of 2,555,118 common shares of Lions Bay Mining Corp. (“Lions Bay”). Bearing has generated total proceeds from the sale of Lions Bay shares of $282,843.32 which includes prior sales of $26,229.16.
Jeremy Poirier, Bearing’s President & CEO, commented: “The monetization of the Lions Bay shares, which were non-core to the operation of Bearing Lithium, provided us with over $280,000 of non-dilutive capital which can be better deployed within the business.”
Immediately before the transactions that triggered the requirement to file this news release, Bearing held 2,555,118 common shares of Lions Bay (or 23.8% of the total outstanding Lions Bay common shares). Bearing disposed of 2,500,000 common shares at a price of $0.10 per common share and 55,118 common shares at a price of $0.12 per common share for total gross proceeds of $256,614.16. Subsequent to these transactions, Bearing now holds no common shares of Lions Bay.
Bearing disposed of the Lions Bay common shares for investment purposes. In the future, Bearing may, depending on market and other conditions, increase or decrease its beneficial ownership of common shares of other securities of Lions Bay.
This news release is being issued pursuant to Part 3 of National Instrument 62-103- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report filed by Bearing in connection with the disposition of Lions Bay common shares is available on Lions Bay’s SEDAR profile, and it can also be obtained directly from Bearing by contacting the number shown below.
About Bearing Lithium Corp.
Bearing Lithium Corp. is a lithium-focused mineral exploration and development company. Its primary asset is an 18% interest in the Maricunga Lithium Brine Project in Chile. The Maricunga Project represents one of the highest-grade lithium brine salars globally and the only pre-production project in Chile. Over US$30 million has been invested in the Maricunga Project to date and all expenditures through to the delivery of a Definitive Feasibility Study have been fully-funded by the earn-in joint-venture partner.