Vancouver, British Columbia, February 10, 2022 – (TSXV: BRZ) Bearing Lithium Corp. (the “Company” or “Bearing“) is pleased to announce a non-brokered private placement (the “Private Placement“) of up to 12,500,000 common shares of the Company (the “Shares“) at a price of $0.25 per Share for gross proceeds of up to $3,125,000.
In connection with the Private Placement the Company may pay finder’s fees of up to 6% cash and up to 4% in commission warrants (“Commission Warrants”) from the Shares sold in the Private Placement to eligible finders. Each Commission Warrant shall entitle the holder thereof to purchase one Share at a price of $0.40 per Share for a period of twenty-four (24) months from the issuance date. The Company intends to use the net proceeds from the Private Placement for general working capital purposes and to fund future capital calls of the Maricunga Project Joint Venture. All securities issued in connection with the Private Placement will be subject to a four-month and one day statutory hold period under securities laws. The Private Placement remains subject to the approval of the TSX Venture Exchange.
The Company also announces that it has issued an aggregate of 700,000 stock options to officers and consultants to purchase up to 700,000 common shares of the Company at a price of $0.25 per Share for a period of five years from grant, pursuant to the Company’s stock option plan.
ABOUT BEARING LITHIUM CORP.
Bearing Lithium Corp (BRZ) is a pure-play lithium company focused on the development of Chile’s next high-grade lithium mine. The Maricunga JV, in which Bearing holds a 17.14% interest, is the highest quality pre-production lithium brine project in South America and has one of the world’s highest-grade lithium resources at 1,167 mg/l lithium and 8,500 mg/l potassium. The September 2021 NI 43-101 compliant resource estimate for the deposit totals 2.9 Mt LCE now all classified as Measured and Indicated. Over $US 67 million has been invested in the Maricunga Project to date.
For more information, please visit www.bearinglithium.com and www.sedar.com. BRZ.V.
For more Information, please contact:
Ray Baterina, Corporate Secretary
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Private Placement. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Bearing, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the closing of the Private Placement; risks associated with operation in foreign jurisdictions; and other risks inherent in the mining industry. Although Bearing has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Bearing does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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