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Toronto, Ontario--(Newsfile Corp. - July 28, 2022) - First Lithium Minerals Corp. ("First Lithium" or the "Company") announces the successful closing of its previously announced reverse takeover ("RTO") of PetroCorp Group Inc. ("PetroCorp") by First Lithium Minerals Inc. and QL Minerals Inc.
In connection with the RTO transaction, a wholly-owned subsidiary of PetroCorp amalgamated with and into First Lithium Minerals Inc. and QL Minerals Inc., and all of the outstanding shares of First Lithium Minerals Inc. and QL Minerals Inc. were exchanged for shares of PetroCorp, and PetroCorp changed its name to "First Lithium Minerals Inc." and consolidated its outstanding common shares on an approximately 82 for 1 basis (the "Common Shares"). The Company now focuses on the business of First Lithium Minerals Inc., which is a mineral exploration company focused on the OCA Project, a lithium project comprised of approximately 8,900 ha of mineral exploration concessions located in the salars of Ollague, Carcote and Ascotan in the Antofagasta Region of Northern Chile within the cordilleran sector bordering Bolivia.
As previously announced, ahead of the RTO: (i) First Lithium Minerals Inc. closed $5,914,500 in a private placement of subscription receipts at $0.25 per subscription receipt; and (ii) QL Minerals Inc. closed $795,000 in a private placement of subscription receipts at $0.25 per subscription receipt. In connection with the RTO transaction, such subscription receipts were exchanged for Common Shares of the Company.
Commencement of Trading
On June 29, 2022, the Company received the conditional approval from the Canadian Securities Exchange ("CSE") for the listing of the Common Shares that resulted from the closing of the RTO. The Company expects to commence trading on the CSE on or about Tuesday, August 9, 2022 under the symbol "FLM".
The Company currently has 86,876,163 outstanding Common Shares.
New Board and Management
Following the RTO, the leadership team of the Company is as follows:
Rob Saltsman - Chief Executive Officer and Director
Claude Ayache - Chief Financial Officer
Peter Espig - Director
Ernest Mast - Director
Additional information related to the Company's business, capitalization and the RTO (including the members of the management team and board of directors listed above) will be available in the Company's listing statement (the "Listing Statement"), which will be filed under the Company's profile on SEDAR at www.sedar.com prior to the commencement of trading.
About First Lithium Minerals
First Lithium Minerals is a mineral exploration company focused on the OCA Project which is a lithium project comprised of approximately 8,900 ha of mineral exploration concessions located in the salars of Ollague, Carcote and Ascotan in the Antofagasta Region of Northern Chile within the cordilleran sector bordering Bolivia.
Learn more at https://firstlithium.ca/
For more information, please contact:
Rob Saltsman, CEO
First Lithium Minerals Corp.
Forward-Looking Information and Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the proposed listing on the CSE and the focus of the Company's business. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, the expected listing and trading on the CSE and First Lithium's strategic plans, should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the listing and trading of the Company's shares on the CSE will occur or that, if they do occur, they will be completed on the terms and timing described above. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law. Readers are encouraged to refer to the Listing Statement for information as to the risks and other factors which may effect the Company's business objectives and strategic plans.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132244