BLILF - Bearing Announces Closing of Second Tranche of Private Placement
(TheNewswire)
Vancouver, British Columbia – TheNewswire - February 23, 2022 - (TSXV:BRZ) BearingLithium Corp. (the " Company " or " Bearing ") is pleased to announce that further to thenews release dated February 14, 2022, it has completed the second andfinal tranche (the " SecondTranche ") of its non-brokered private placement of commonshares (the " CommonShares ") of the Company (the " Private Placement ").
In connection with the Second Tranche, the Company issued an aggregateof 8,500,000 Common Shares at a price of $0.25 per Common Share foraggregate gross proceeds of $2,125,000. All Common Shares issued inconnection with the Second Tranche are subject to a statutory holdperiod of four month and one day. Collectively between the first andSecond Tranche, the Company issued an aggregate of 16,000,000 CommonShares for gross proceeds of $4,000,000.
Two insiders of the Company participated in the PrivatePlacement and have acquired an aggregate of 1,280,000 Common Shares. The participation by the insiders in the Private Placement isconsidered to be a “related party transaction” as defined underMultilateral Instrument 61-101 (“MI 61- 101”). The transactionis exempt from the formal valuation and minority shareholder approvalrequirements of MI 61-101, as neither the fair market value of thesecurities being issued nor the consideration being paid exceeds 25%of the Company’s market capitalization.
In connection with the Second Tranche, the Company will pay findersfees to eligible parties in the amount $65,250 and issue to thefinder's an aggregate of 266,000 non-transferable finders warrants(the " CompensationWarrants "). The Compensation Warrants are exercisable fora period of twenty-four (24) months from the date of issue and entitlethe holder thereof to acquire one Common Share of the Company at aprice of $0.40 per Compensation Warrant. The net proceeds from thePrivate Placement will be used for general working capital purposesand to fund future capital calls of the Maricunga Project JointVenture. The Private Placement remains subject to final acceptancefrom the TSX Venture Exchange.
Bearing Lithium Corp (BRZ) is a pure-play lithium company focused onthe development of Chile’s next high-grade lithium mine. TheMaricunga JV, in which Bearing holds a 17.14% interest, is the highestquality pre-production lithium brine project in South America and hasone of the world’s highest-grade lithium resources at 1,167 mg/llithium and 8,500 mg/l potassium. The September 2021 NI 43-101compliant resource estimate for the deposit totals 2.9 Mt LCE now allclassified as Measured and Indicated. Over US $ 67million has been invested in the Maricunga Project to date.
For more information, please visit www.bearinglithium.com and www.sedar.com . BRZ.V.
For more Information, please contact:
Ray Baterina, Corporate Secretary Info@bearinglithium.com
604-262-8835
This press release contains "forward-looking information"within the meaning of applicable Canadian securities legislation.Forward-looking information includes, without limitation, statementsregarding the closing of any additional tranches of the PrivatePlacement, the use of proceeds from the Private Placement and thereceipt of final approval of the Private Placement from the TSXV.Generally, forward-looking information can be identified by the use offorward-looking terminology such as "plans","expects" or "does not expect", "isexpected", "budget", "scheduled","estimates", "forecasts", "intends","anticipates" or "does not anticipate", or"believes", or variations of such words and phrases or statethat certain actions, events or results "may","could", "would", "might" or "willbe taken", "occur" or "be achieved".Forward-looking information is subject to known and unknown risks,uncertainties and other factors that may cause the actual results,level of activity, performance or achievements of Bearing, as the casemay be, to be materially different from those expressed or implied bysuch forward-looking information, including but not limited to:general business, economic, competitive, geopolitical and socialuncertainties; the closing of any additional tranches of the PrivatePlacement; risks associated with operation in foreign jurisdictions;and other risks inherent in the mining industry. Although Bearing hasattempted to identify important factors that could cause actualresults to differ materially from those contained in forward-lookinginformation, there may be other factors that cause results not to beas anticipated, estimated or intended. There can be no assurance thatsuch information will prove to be accurate, as actual results andfuture events could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward-looking information. Bearing does not undertake to update anyforward-looking information, except in accordance with applicablesecurities laws.
This news release does not constitute an offer to sell or asolicitation of an offer to buy any of the securities in the UnitedStates. The securities have not been and will not be registered underthe United States Securities Act of 1933, as amended (the " U.S. Securities Act ") or anystate securities laws and may not be offered or sold within the UnitedStates or to U.S. Persons unless registered under the U.S. SecuritiesAct and applicable state securities laws or an exemption from suchregistration is available.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS R ESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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