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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.