Ameriwest Lithium Announces Court Approval of the Plan of Arrangement

Rhea-AI Summary

Ameriwest Lithium Inc. (CSE: AWLI) has received approval from the Supreme Court of British Columbia for a statutory plan of arrangement to separate into two companies. Ameriwest will continue trading on the Canadian Securities Exchange, while ISM Resources Corp. will seek its own listing. The arrangement is expected to finalize in the third quarter of 2022, pending regulatory approvals. The company is focused on exploring multiple lithium properties across Nevada and Arizona, aiming to enhance its resource project portfolio.

Positive

• Approval of statutory plan of arrangement by the Supreme Court of British Columbia.
• Separation into two companies could enhance focus and operational efficiency.
• Ameriwest continues to explore valuable lithium properties across Nevada and Arizona.

Negative

• Dependence on obtaining various regulatory approvals before closing the arrangement.
• Potential market uncertainty during the separation process.

VANCOUVER, British Columbia, July 11, 2022 (GLOBE NEWSWIRE) -- Ameriwest Lithium Inc. (the “Company” or “Ameriwest”) (CSE: AWLI) today announced that it has received approval from the Supreme Court of British Columbia of the statutory plan of arrangement under section 288 of the Business Corporations Act (British Columbia) (the “Arrangement”), pursuant to which Ameriwest will separate into two companies with Ameriwest continuing to be traded on the Canadian Securities Exchange (the “CSE”) and with ISM Resources Corp. applying to have its common shares listed for trading on the CSE.

Assuming that the remaining conditions to closing are satisfied and the necessary regulatory approvals are obtained, it is expected that the closing of the Arrangement will be completed in the third quarter of 2022.

About Ameriwest Lithium Inc.

Ameriwest Lithium Inc. is a Canadian-based exploration company with a focus on identifying strategic lithium mineral resource projects for exploration and development. The Company is currently focused on exploring its 13,580-acre Railroad Valley property, the 22,210-acre Edwards Creek Valley, and the 5,600-acre Deer Musk East property in Nevada. In addition, the Company is exploring the 2,860-acre Thompson Valley property in Arizona.

On Behalf of the Board of Directors

Glenn Collick
Chief Operating Officer and director

For further information, please contact:

Glenn Collick
Chief Operating Officer and a director
(778) 868-2226

The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release may constitute forward‐looking information. Forward‐looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The Company’s actual results could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward‐looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents the Company’s expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation 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 legislation.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

FAQ

What is the latest news on Ameriwest Lithium Inc. (AWLIF)?

Ameriwest Lithium Inc. has received court approval for a statutory plan of arrangement to separate into two companies, expected to complete in the third quarter of 2022.

When will Ameriwest Lithium's separation be finalized?

The separation is expected to be finalized in the third quarter of 2022, pending necessary regulatory approvals.

What properties is Ameriwest Lithium exploring?

Ameriwest Lithium is exploring multiple lithium properties including the Railroad Valley, Edwards Creek Valley, Deer Musk East, and Thompson Valley.

What impact does the separation have on Ameriwest Lithium's stock (AWLIF)?

The separation may enhance operational focus and efficiency, though it also introduces potential regulatory uncertainties that could affect stock performance.