Effective December 22, 2022, all of the issued and outstanding common shares of Bearing Lithium Corp. (“Bearing”) were acquired indirectly by way of a plan of arrangement by Lithium Power International Limited, a public company listed on the Australian Securities Exchange (ASX: LPI) (the “Arrangement”). Pursuant to the Arrangement, holders of  Bearing’s common shares (“Bearing Shares”) received  0.7  ordinary  shares  of  LPI  (“LPI  shares”) for  each  Bearing Share held,  subject  to  rounding.  All  outstanding  Bearing  stock  options  and  warrants  will  remain outstanding according to their original terms and expiry dates, and will be exercisable into LPI Shares subject to  the  ratio  of  0.7  LPI  Shares  for  one Bearing  Share.  In  addition,  holders of Bearing Shares on Bearing’s register at the time of closing are entitled to receive a cash distribution in the amount of approximately C$0.015 per Bearing Share.

Following the completion of the acquisition, effective at the close of business on December 23, 2022, Bearing’s common shares have been delisted from the TSX Venture Exchange. For more information regarding the Arrangement, please refer to Bearing’s press release dated December 22, 2022.