LithiumBank Receives Conditional Acceptance from the TSX Venture Exchange for its Sale of Saskatchewan Projects to Pristine Lithium Corp.
August 31 2023 - 4:30PM
LithiumBank Resources Corp. (
TSX-V:
LBNK) (
OTCQX: LBNKF)
(“
LithiumBank” or the
“
Company”) is pleased to provide the following
update regarding the proposed sale (the
“
Transaction”) of the Company’s three lithium
brine projects, Estevan, Kindersley and South located in
Saskatchewan, Canada to Pristine Lithium Corp. (“
Pristine
Lithium” or the “
Buyer”).
The Transaction is proceeding as announced in
the Company’s news release dated July 31, 2023 and the parties are
continuing to work together to close the Transaction. The Company
received conditional acceptance from the TSX Venture Exchange (the
“TSXV”) for the Transaction. Completion of the
Transaction remains subject to a number of conditions, including
completion of the Buyer’s concurrent best efforts private placement
at a price per security of at least $0.30 for aggregate gross
proceeds of not less than C$9,000,000, and receipt of applicable
governmental and regulatory approvals, including final acceptance
of the TSXV. The Transaction has an outside date of January 24,
2024.
About LithiumBank Resources
Corp.
LithiumBank Resources Corp. is a development
company focused on lithium-enriched brine projects in Western
Canada where low-carbon-impact, rapid DLE technology can be
deployed. LithiumBank currently holds over 3.6 million acres of
mineral titles, 3.33M acres in Alberta. LithiumBank’s mineral
titles are strategically positioned over known reservoirs that
provide a unique combination of scale, grade and exceptional flow
rates that are necessary for a large-scale direct brine lithium
production. LithiumBank is advancing and de-risking several
projects in parallel of the Boardwalk Lithium Brine Project.
About Pristine Lithium
Corp.
Pristine Lithium Corp. is a lithium brine
exploration and development company that has a right to acquire
three projects covering 336,000 acres in southern Saskatchewan.
Pristine Lithium is focused on purposefully advancing its projects
from resource delineation through to economic optimization. It will
use validated Direct Lithium Extraction technology to develop long
life, North American lithium projects that will have limited
surface footprints and provide a critical battery metal for the
green energy industry.
Contact:
LithiumBank
Rob ShewchukCEOrob@lithiumbank.ca(778) 987-9767
Pristine Lithium
Nikolas MatysekCEOinfo@pristinelithium.ca
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward
Looking Statements
This release includes certain statements and
information that may constitute forward-looking information within
the meaning of applicable Canadian securities laws. All statements
in this news release, other than statements of historical facts,
including statements regarding future estimates, plans, objectives,
timing, assumptions or expectations of future performance,
including without limitation, the ability of the parties to satisfy
the conditions precedent to complete the Transaction, the ability
of the Company and the Buyer to give effect to the sale,
conveyance, assignment and transfer of the Company’s three lithium
brine projects by the Company to the Buyer; necessary regulatory
approvals, including the approval of the TSXV are forward-looking
statements and contain forward-looking information. Generally,
forward-looking statements and information can be identified by the
use of forward-looking terminology such as “intends” or
“anticipates”, or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”,
“should” or “would” or occur.
Forward-looking statements are based on certain
material assumptions and analysis made by the Company and the
opinions and estimates of management as of the date of this press
release, including that all conditions to the closing of the
Transaction will be satisfied, that the parties to the Agreement
will be able to obtain shareholder, director and regulatory
approvals, as applicable.
These forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking statements or
forward-looking information. Important risks that may cause actual
results to vary, include, without limitation, the risk that
required approvals are not obtained and material conditions are not
satisfied in connection with the Transaction; the risk that the
Transaction is not approved or completed on the terms set out in
the Agreement or at all.
Although management of the Company has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements or forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements and forward-looking information. Readers are cautioned
that reliance on such information may not be appropriate for other
purposes. The Company does not undertake to update any
forward-looking statement, forward-looking information or financial
out-look that are incorporated by reference herein, except in
accordance with applicable securities laws.
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