BLILF - Bearing Announces Early Warrant Exercise Incentive Program
(TheNewswire)
Vancouver, British Columbia - TheNewswire - February 1, 2022 - (TSXV:BRZ) (OTC: BLILF ) Bearing Lithium Corp. (the " Company " or " Bearing ") is pleased to announce a warrant exercise incentive program(the " Program ") designed to encourage the early exercise of up to5,205,309 of its outstanding unlisted warrants (the " Warrants ")exercisable for common shares of the Company (" Common Shares ").The Warrants are currently exercisable at a price of $0.1725 perCommon Share until November 30, 2023.
Under the Program, the Company is offering an inducement to eachWarrant holder that exercises their Warrants prior to March 1, 2022(the " Early ExercisePeriod "), by the issuance of one additional common sharepurchase warrant (an " IncentiveWarrant ") for each warrant early exercised. Each IncentiveWarrant will entitle the holder to purchase one additional CommonShare for a period of 24 months from the date of issuance of suchIncentive Warrant, at a price of $0.35. The Program will commencetoday, February 1, 2022, at 9:00 a.m. (Vancouver time) and expire onMarch 01, 2022, at 4:00 p.m. (Vancouver time) (the " Early Exercise Expiry Date ").
The Incentive Warrants will be subject to a four month hold periodfrom the date of issuance and will include a warrant accelerationprovision by which the Company will be permitted to accelerate theexpiry date of the Incentive Warrants if the closing price of theCompany's Common Shares on the TSX Venture Exchange (the " TSXV ") remains at or above$0.60 for a period of ten consecutive days (the " Acceleration Event "). In theevent the Company exercises the Acceleration Event ( bydisseminating a news release advising of the AccelerationEvent) , holders will have 30 days to exercise the IncentiveWarrants, after which the unexercised Incentive Warrants will be voidand of no effect.
If all of the Warrants are exercised during the Early Exercise Period,Bearing expects to:
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Receive gross proceeds of approximately $900,000 on or before theEarly Exercise Expiry Date;
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Issue approximately 5,205,309 common sharespursuant to the exercise of the Warrants by holders in accordance withthe original terms of the Warrants; and
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Issue approximately 5,205,309 Incentive Warrantsto Warrant holders pursuant to the early exercise of the Warrants onor before the Early Exercise Expiry Date.
The terms and conditions of the Program and the method of exercisingWarrants pursuant to the Program are set forth in a letter which isbeing mailed to the registered address of each Warrant holder, postedon SEDAR and is available on the Company's website at www.bearinglithium.com .
Holders of Warrants who elect to participate in the Program will berequired to deliver the following to the Company on or prior to 4:00p.m. (Vancouver time) on March 1, 2022:
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a duly completed and executed Exercise Form, in the form whichaccompanies the certificate representing the Warrants;
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the original certificate representing the Warrants being exercised;and
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the applicable aggregate exercise price payable to the Company by wayof certified cheque, money order, bank draft, or wire transfer inlawful money of Canada.
To the extent that holders of the Warrants take advantage of theopportunity to exercise their Warrants early, this will strengthenBearing's current cash position and provide the Company withadditional capital to meet their 2022 budgeted cash calls and maintaintheir current ownership position in Maricunga Joint Venture.
The transaction is subject to the receipt of all final regulatoryapprovals, including the approval of the TSXV. Any Warrants that arenot exercised prior to the Early Exercise Expiry Date will remainoutstanding and continue to be exercisable for Common Shares on theirexisting terms.
The Warrants were originally issued by the Company as part of a unitof the Company in connection with a private placement financingcompleted on December 4, 2020. The underlying Common Shares andIncentive Shares to be issued pursuant to the exercise of the Warrantshave not been, and will not be, registered under the U.S. SecuritiesAct or any U.S. state securities laws, and may not be offered or soldin the United States or to, or for the account or benefit of, UnitedStates persons absent registration or any applicable exemption fromthe registration requirements of the U.S. Securities Act andapplicable U.S. state securities laws. This press release does notconstitute an offer to sell or the solicitation of an offer to buysecurities in the United States, nor in any other jurisdiction.
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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