- Bearing Lithium Corp. (BRZ) has provided an update on its plan of arrangement with Lithium Power International Limited and LPI Canada Holdings Ltd.
- The arrangement is a part of a strategy for LPI to consolidate 100 per cent ownership of the Maricunga Lithium Brine project in Chile which Bearing has a 17.14 per cent interest in
- Certain conditions for the arrangement’s related joint venture partner transaction have now been satisfied
- Bearing Lithium’s common shares will be halted from trading on the TSX Venture Exchange by Monday’s market close to allow final settlements to occur by the next day
- Its shareholders will receive 0.70 of an LPI ordinary share for each previous share held
- Bearing Lithium Corp. (BRZ) is up 5.66 per cent, trading at $0.28 per share as of 12:46 p.m. EST.
Bearing Lithium (BRZ) has provided an update on its plan of arrangement with Lithium Power International and LPI Canada Holdings.
The arrangement is a part of a strategy for LPI to consolidate 100 per cent ownership of the Maricunga Lithium Brine project in Chile which Bearing currently has a 17.14 per cent interest.
Certain conditions for the arrangement’s related joint venture partner transaction have now been satisfied, with final Australian court approval for that transaction being secured yesterday.
It is expected that Bearing Lithium’s common shares will be halted from trading on the TSX Venture Exchange (TSXV) as of the close of trading on Monday to allow final settlements to occur by the next day.
Bearing Lithium’s shares will then be de-listed from the TSXV after the completion of the arrangement.
In connection with the closing of the arrangement, Bearing Lithium’s shareholders will receive 0.70 of an ordinary share of LPI for each previous share held.
The cash distribution payable to Bearing Lithium’s shareholders will be distributed to shareholders on the corporation’s register at the time of closing. The payment will be approximately $0.015 per Bearing Lithium share held, which will be given out a few days after the closing date.
Bearing Lithium Corp. (BRZ) is up 5.66 per cent, trading at $0.28 per share as of 12:46 p.m. EST.