BLILF - Bearing Closes Private Placement
(TheNewswire)
December 1, 2020 - TheNewswire - Vancouver, BritishColumbia - Bearing Lithium Corp.(" Bearing " or the " Compan y") (TSX V :BRZ) (OTC:BLILF) is pleased toa nnounce that it has closed the previouslyannounced private placement ( the "PrivatePlacement") and it has issued 6,494,960 units ("Units")for gross aggregate proceeds of $837,849.89. Each Unit consistsof one common share (a "Share") andone transferable Share purchase warrant. Each Warrant shall entitlethe holder thereof to purchase one additional Share at a price of$0.1725 per Share for a period thirty-six (36) months fromclosing
Finder's fees of $37,332 cash and 289,395 broker'sWarrant on the same terms as noted above have been paid 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 have a hold period that expires on March 1,2020.
Three insiders of the Company participated in thePrivate Placement by purchasing an aggregate of 939,147 Units. Theparticipation by the insiders in the Private Placement is consideredto be a "related party transaction" as defined underMultilateral Instrument 61-101 ("MI 61- 101"). Thetransaction is exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101, as neither the fairmarket value of the securities being issued nor the considerationbeing paid exceeds 25% of the Company's market capitalization. TheCompany did not file a material change report more than 21 days beforethe expected closing of the Private Placement as the details of thePrivate Placement and the participation therein by related parties ofthe Company were not settled until shortly prior to closing and theCompany wished to close on an expedited basis for sound businessreasons.
The securities offered have not been registered underthe United States Securities Act of 1933, as amended (the "U.S.Securities Act"), or any U.S. state securities law, and may notbe offered or sold in the "United States" or to "U.S.persons" (as such terms are defined in Regulation S under theU.S. Securities Act) absent registration under the U.S. Securities Actand all applicable U.S. state securities laws or compliance with anexemption from such registration requirements. This press releaseshall not constitute an offer to sell or the solicitation of an offerto buy any securities in the United States or to U.S. persons norshall there by any sale of the securities in any state in which suchoffer, solicitation or sale would be unlawful.
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 has subscribed for shares inMSB amounting to 1,261,421 for Fiscal Year 2019 and 782,081for 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 TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
Cautionary Statements Regarding 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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