BLILF - Bearing Announces Private Placement
(TheNewswire)
November 24, 2020- TheNewswire - Vancouver, British Columbia - BearingLithium Corp. (" Bearing " or the " Company ") (TSXV:BRZ) (OTC:BLILF) ispleased to announce a non-brokered privateplacement (the "Private Placement") of 6,094,960 units ofthe Company (the "Units") at a priceof $0.129 per Unit for gross proceeds of $786,249.89. Each Unit shallconsist of one common share (a"Share") and one transferable Share purchase warrant. EachWarrant shall entitle the holder thereof to purchase one additionalShare at a price of $0.1725 per Share for a period thirty-six (36)months from the date of issuance.
Three insiders of the Company are participating in thePrivate Placement and will acquire an aggregate of 939,147 Units. Theparticipation by the insiders in the Offering is considered to be a"related party transaction" as defined under MultilateralInstrument 61-101 ("MI 61- 101"). The transaction is exemptfrom 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.
Finder's fees of $27,485.99 cash and 213,070 Warrantswill been paid in connection with the Private Placement to qualifiedparties. The Company intends to use the net proceeds from the PrivatePlacement for general working capital purposes and fund capital callsof the Maricunga Project Joint Venture
All securities issued in connection with the PrivatePlacement will be subject to a four-month hold period under securitieslaws.
The Private Placement remains subject to the approvalof the TSX-V Venture Exchange.
About Bearing Lithium Corp.
Bearing Lithium Corp. is a lithium-focused mineralexploration and development company. Its primary asset is a 17.35%interest in the Maricunga Lithium Brine Project in Chile. TheMaricunga Project represents one of the highest-grade lithium brinesalars globally and the only pre-production project in Chile. Over million has been invested by the partners in the MSB Joint-Venture(Maricunga Project) to date including 3 million in November 2020.All Project Expenditures through to the delivery of a DefinitiveFeasibility Study in January 2019 have been fully funded by the 51%earn-in joint-venture partner , Lithium PowerInternational. Subsequently, the Company hassubscribed for shares in MSB amounting to 1,261,421 for FiscalYear 2019 and 782,081 for Fiscal Year 2020.
ON BEHALF OF THE BOARD
Signed "GilPlayford"
Gil Playford, Chairman
gplayford@bearinglithium.com
Neither the TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Cautionary StatementsRegarding Forward Looking Information
This press release includes certain"forward-looking information" and "forward-lookingstatements" (collectively "forward-looking statements")within the meaning of applicable Canadian and United States securitieslegislation including the United States Private Securities LitigationReform Act of 1995. All statements, other than statements ofhistorical fact, included herein, without limitation, statementsrelating the future operating or financial performance of the Company,are forward-looking statements.
Forward-looking statements arefrequently, but not always, identified by words such as"expects", "anticipates", "believes","intends", "estimates", "potential","possible", and similar expressions, or statements thatevents, conditions, or results "will", "may","could", or "should" occur or be achieved.. Actual future results may differ materially. There can be no assurancethat such statements will prove to be accurate, and actual results andfuture events could differ materially from those anticipated in suchstatements. Forward-looking statements reflect the beliefs, opinionsand projections on the date the statements are made and are based upona number of assumptions and estimates that, while consideredreasonable by the Company, are inherently subject to significantbusiness, economic, competitive, political and social uncertaintiesand contingencies. Many factors, both known and unknown, could causeactual results, performance or achievements to be materially differentfrom the results, performance or achievements that are or may beexpressed or implied by such forward-looking statements and theparties have made assumptions and estimates based on or related tomany of these factors. Readers should not place undue reliance on theforward-looking statements and information contained in this newsrelease concerning these times. Except as required by law, the Companydoes not assume any obligation to update the forward-lookingstatements of beliefs, opinions, projections, or other factors, shouldthey change, except as required by law.
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