TORONTO, March 08, 2019 (GLOBE NEWSWIRE) -- LSC Lithium Corporation (“LSC” or together with its subsidiaries, the “Company”) (LSC.V) is pleased to announce the results of the special meeting of Securityholders (the “Meeting”) held today to approve the previously announced plan of arrangement (the “Arrangement”) pursuant to which Pluspetrol Resources Corporation B.V., among other things, will acquire all of the issued and outstanding shares of LSC for cash consideration of $0.6612 per common share of LSC.
The special resolution approving the Arrangement was approved by: (i) 99.91% of votes cast by LSC shareholders present at the Meeting in person or by proxy; (ii) 99.93% of votes cast by LSC shareholders, optionholders and warrantholders voting together as a single class present at the Meeting in person or by proxy, and (iii) a majority of votes cast by shareholders other than shares required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
The Company expects to apply for a final order of the Supreme Court of British Columbia for approval of the Arrangement on March 13, 2019. Assuming the satisfaction or waiver of the other customary closing conditions, the Arrangement is expected to close on or about March 15, 2019.
ABOUT LSC LITHIUM CORPORATION
LSC Lithium has amassed a large portfolio of prospective lithium rich salars and is focused on developing its material projects: Pozuelos and Pastos Grandes Project, Rio Grande Project and Salinas Grandes Project. All LSC tenements are located in the “Lithium Triangle,” an area at the intersection of Argentina, Bolivia, and Chile where the world’s most abundant lithium brine deposits are found. LSC Lithium has a land package portfolio totaling approximately 300,000 hectares, which represents extensive lithium prospective salar holdings in Argentina.
For further information please contact:
LSC Lithium Corporation
President & Chief Executive Officer
40 University Avenue,
Suite 605, Toronto
ON Canada M5J 1T1
+416 306 8380
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance, including statements as to the likelihood and timing of completing the Arrangement and the ability to receive regulatory, court and other required approvals of the Arrangement. The use of any of the words “could”, “anticipate”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on LSC's current belief or assumptions as to the outcome and timing of such future events. Whether actual results and developments will conform with LSC's expectations is subject to a number of risks and uncertainties including factors underlying management's assumptions, such as risks related to: title, permitting and regulatory risks; exploration and the establishment of any resources or reserves on the LSC properties; volatility in lithium prices and the market for lithium; exchange rate fluctuations; volatility in LSC’s share price; the requirement for significant additional funds for development that may not be available; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; regulatory, political or economic developments in Argentina or elsewhere; litigation; title, permit or license disputes related to interests on any of the properties in which the Company holds an interest; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the Company's properties; risks and hazards associated with the business of development and mining on any of the Company's properties. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and LSC is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. For more information, see the Company's filing statement on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange Inc. 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.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.