LITH:CC - Lithium Chile Welcomes Significant New Shareholder Following the Government Ordered Divestiture of Chengze's Ownership
(TheNewswire)
CALGARY, ALBERTA – TheNewswire - February 16, 2023 – Lithium Chile Inc. ( TSXV:LITH ) (OTC:LTMCF) (“ LithiumChile ” or the “ Company ”) welcomesa significant new shareholder following the sale of Chengze Lithium International Limited’s (“ Chengze ”) 19.35%equity interest in Lithium Chile to Gator Capital Ltd.(“ Gator ”).
On November 3, 2022, Chengze received an Order fromInnovation, Science and Economic Development Canada (“ ISEC ”) to divest ofits 19.35% interest in Lithium Chile. Pursuant to the transaction withGator, Chengze has satisfied the Order. The transaction was completedfor $34,553,866 or $0.91 per share in Lithium Chile.
Following the Order by ISEC, Lithium Chile terminatedthe appointment of two senior officers from Chengze to the Company’sBoard of Directors.
Steve Cochrane, President & CEO comments“ I would like to welcomeGator Capital as a significant shareholder in Lithium Chile Inc. Theirwillingness to invest in us at a premium to market not only recognizesthe inherent value in our Salar de Arizaro project but the value inboth our Argentinian and Chilean assets. I would also like to thankChengze Lithium for their support and contribution to our ongoingsuccess.”
ABOUT GATOR CAPITAL LTD.:
Gator Capital is a Canadian company that focuses onindustrial investment; equity investment; asset management andinvestment consulting. Their head office is in Toronto, Canada.
ABOUT LITHIUM CHILE:
Lithium Chile is advancing a lithium property portfolioconsisting of 111,978 hectares in Chile and 20,800 hectares inArgentina.
The Company has a NI 43-101 report with an indicatedand inferred resource of 2,587,000 tonnes of lithium carbonateequivalent (LCE) from its Salar de Arizaro, Argentina project. ThePhase 2 development program on the Salar de Arizaro is underway withresults included in an updated NI 43-101 report which can be found onSEDAR.
Lithium Chile also owns 5 properties, totaling 21,329hectares, that are prospective for gold, silver and copper.Exploration efforts are continuing on Lithium Chile’s Carmonagold/silver/copper property which lies in the heart of the Chileanmega porphyry gold/ silver/copper belt.
Lithium Chile’s common shares are listed on the TSX-Vunder the symbol “LITH” and on the OTC-QB under the symbol“LTMCF”.
To find out more about Lithium Chile Inc., pleasecontact Steven Cochrane, President and CEO via email:steve@lithiumchile.ca or Michelle DeCecco, Vice President and COO, viaemail michelle@lithiumchile.ca or at 403-390-9095.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONSERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXVENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACYOF THIS RELEASE.
FORWARD LOOKING STATEMENTS:
This news release may contain certain forward-lookinginformation and forward-looking statements within the meaning ofapplicable securities legislation (collectively "forward-lookingstatements"). Generally, forward-looking statements can beidentified by the use of forward-looking terminology such as"expected", "anticipated", "aims to","plans to" or "intends to" or variations of suchwords and phrases or statements that certain actions, events orresults "will" occur. Such forward-looking statements arebased on various assumptions and factors that may prove to beincorrect, including, but not limited to, factors and assumptions withrespect to: the general stability of the economic and politicalenvironment in which the Company operates and the timely receipt ofrequired regulatory approvals. You are cautioned that the foregoinglist of material factors and assumptions is not exhaustive. AlthoughLithium Chile believes that the assumptions and factors on which suchforward-looking statements are based upon reasonable assumptions,undue reliance should not be placed on the forward-looking statementsbecause Lithium Chile can give no assurance that they will prove to becorrect or that any of the events anticipated by such forward-lookingstatements will transpire or occur, or if any of them do so, whatbenefits Lithium Chile will derive therefrom. Lithium Chile does notundertake to update any forward-looking statements herein, except asrequired by applicable securities laws. All forward-looking statementscontained in this news release are expressly qualified by thiscautionary statement.
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