- Li-FT Power Limited (LIFT) has acquired the Yellowknife Lithium Project, owned by 1361516 B.C. Limited
- The acquisition involved an amalgamation agreement between Li-FT Power, 1361516 B.C. and 1386798 B.C. Ltd. (Subco)
- Subco was amalgamated with and into 1361516 B.C, with the amalgamated entity, Yellowknife Lithium Ltd., becoming a wholly-owned subsidiary of Li-FT Power
- Li-FT is a mineral exploration company engaged in the acquisition, exploration, and development of mineral properties, specifically lithium pegmatite projects
- Li-FT Power Ltd. was down 6.96 per cent, trading at $10.70 at 10:00 am ET
Li-FT Power Limited (LIFT) has acquired the Yellowknife Lithium Project, owned by 1361516 B.C. Limited.
The acquisition involved an amalgamation agreement between Li-FT Power, 1361516 B.C. and 1386798 B.C. Ltd. (Subco)., a wholly-owned subsidiary of Li-FT Power.
1361516 B.C. is a private company holding a 100-per-cent interest in the Yellowknife Lithium Project.
The acquisition of 1361516 B.C. was completed by way of a three-corner amalgamation under the Business Corporations Act (British Columbia).
Under the agreement, Subco, a subsidiary created for the purposes of completing the transaction, was amalgamated with and into 1361516 B.C, with the amalgamated entity, Yellowknife Lithium Ltd., becoming a wholly-owned subsidiary of Li-FT Power.
In addition, each outstanding share of 1361516 B.C was exchanged for 0.60 of a common shares of Li-FT, with the transaction resulting in the issuance of 18 million Li-FT shares, each at a deemed price of $8.59 per share.
“We are very happy to have completed the acquisition of the Yellowknife Lithium Project, which is a transformative moment for Li-FT,” said Francis MacDonald, CEO of Li-FT.
“We look forward to materially advancing the project in 2023,” he added.
Li-FT is a mineral exploration company engaged in the acquisition, exploration, and development of mineral properties, specifically lithium pegmatite projects located in Canada.
The company currently controls 228,237 hectares of ground at its Rupert, Pontax, and Moyenne Projects, which are prospective for hard rock lithium deposits.
Li-FT Power Ltd. was down 6.96 per cent, trading at $10.70 at 10:04 ET.