BLILF - Bearing Announces Completion of Early Warrant Exercise Incentive Program
(TheNewswire)
Vancouver, British Columbia – TheNewswire - March 7, 2022 – (TSXV:BRZ) (OTC: BLILF ) Bearing Lithium Corp. (the " Company " or " Bearing ") is pleased to announce the completion of its early warrantexercise incentive program (the “ Program ” asdescribed in its press release dated February 1,2022 . A total of 400,000 commonshares (each a “Share”) of the Company were issued upon the exerciseof 400,000 previously outstanding purchase warrants (the "Outstanding Warrants "), providing aggregate gross proceeds of $69,000 to theCompany.
For every Outstanding Warrant exercised, the holders ofsuch Outstanding Warrant received one Share to which they wereotherwise entitled under the terms of the Outstanding Warrant and oneadditional common share purchase warrant (each an “ Incentive Warrant ”). Each Incentive Warrant allows the holder to acquire oneShare at an exercise price of $0.35 for a period of 24 months from thedate of issuance of the Incentive Warrant. A total of 400,000Incentive Warrants were issued pursuant to the Program. The IncentiveWarrants include a warrant acceleration provision whereby the Companywill be permitted to accelerate the expiry date of the IncentiveWarrants if the closing price of the Company’s Shares on the TSXVenture Exchange (the “TSXV“) trades at or above $0.60 for aperiod of ten consecutive days (the “ Acceleration Event “). In the event the Company exercises the AccelerationEvent (by disseminating a news release advising of the AccelerationEvent), holders will have 30 days to exercise the Incentive Warrants,after which the unexercised Incentive Warrants will be void and of noeffect.
Holders of 5,205,309 Outstanding Warrants issued onNovember 30, 2020 were eligible to participate in the Program.Following completion of the Program, there are 4,805,309 OutstandingWarrants available for exercise. For those holders of OutstandingWarrants who chose not to participate in the Program, the applicableOutstanding Warrants will continue to be exercisable on the same termsthat previously existed.
The proceeds of the Program will be used for working capital purposes.
The Incentive Warrants issued are subject to a 4 monthhold period from the date of issuance. The Program is subject to thefinal acceptance of the TSXV.
The underlying Shares received from exercise of the OutstandingWarrants and Shares to be issued pursuant to the exercise of theIncentive Warrants have not been, and will not be, registered underthe U.S. Securities Act or any U.S. state securities laws, and may notbe offered or sold in the United States or to, or for the account orbenefit of, United States persons absent registration or anyapplicable exemption from the registration requirements of the U.S.Securities Act and applicable U.S. state securities laws. This pressrelease does not constitute an offer to sell or the solicitation of anoffer to buy securities in the United States, nor in any otherjurisdiction.
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 67 million has beeninvested 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
604-262-8835
This news release may contain certain forward-looking information andstatements, including without limitation, the Program, statementsregarding exploration plans, the use of proceeds, and other futureplans and objectives, and statements pertaining to receipt of TSXVapproval. All statements included herein, other than statements ofhistorical fact, are forward-looking information and such informationinvolves various risks and uncertainties. There can be no assurancethat such information will prove to be accurate, and actual resultsand future events could differ materially from those anticipated insuch information. A description of assumptions used to develop suchforward-looking information and a description of risk factors that maycause actual results to differ materially from forward-lookinginformation can be found in the Company's disclosure documents on theSEDAR website at www.sedar.com. Forward-looking statements are basedon the estimates and opinions of management on the date the statementsare made, and we do not undertake any obligation to updateforward-looking statements should conditions or our estimates change,other than as required by law. Readers are further advised not toplace undue reliance on forward-looking statements.
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