Bearing Announces Improved Cash Position from Sale of Lions Bay Shares
Vancouver, October 17, 2019 - Bearing Lithium Corp. (TSXV: BRZ) (OTCQB: BLILF) (FSE: B6K2) ("Bearing" or the "Company") 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.
ON BEHALF OF THE BOARD
Signed "Jeremy Poirier"
Jeremy Poirier, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier-- President and CEO Bearing Lithium - Telephone: 1-604-262-8835
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
The words "expect", "target", "estimate", "may", "will" and other similar expressions identify forward-looking statements. These forward-looking statements relate to, among other things, Bearing's future acquisition or disposition of Lions Bay common shares and the future prospects of the Maricunga Project. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Bearing's ability to predict or control and may cause Bearing's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to; strategic, legal, planning and other risks, the impact of changes in, or to the enforcement of, laws, regulations and government practices, potential defects in title to the Maricunga Project that are not known as of the date hereof, the occurrence of unexpected financial obligations, fluctuations in the price of lithium and other commodities, fluctuations in the currency markets, changes in national and local government, legislation, taxation, controls, regulations and political or economic developments, risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding), risks related to operational matters and geotechnical issues, the success of future exploration and development activities, the occurrence of any labour unrest, the ability to accurately predict decommissioning and reclamation costs, the risk of budget and timing overruns, potential opposition to the Maricunga Project by local communities and the ability to secure construction financing. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect including changes in Maricunga Project parameters as plans continue to be evaluated as well as those factors disclosed in the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia and Alberta. Accordingly, readers should not place undue reliance on forward-looking statements. Bearing undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48841