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Bearing Lithium Corp. announced that an information circular will be sent to securityholders regarding a meeting scheduled for October 28, 2022, to approve a statutory plan of arrangement with Lithium Power International Limited (LPI). Under the arrangement, LPI will acquire outstanding Bearing shares at a ratio of 0.7 LPI shares per Bearing share, and shareholders will receive approximately C$0.015 per share. The arrangement includes a spin-out transaction of LPI's Western Australian lithium assets. The board recommends voting in favor of the arrangement, which requires 66 2/3% approval.
Bearing Lithium Corp. has entered into a definitive agreement with Lithium Power International Limited to merge, consolidating ownership of the Maricunga Lithium Brine Project in Chile. Under the agreement, Bearing shareholders will receive 0.7 LPI shares and a cash distribution of approximately C$0.02 per share. This transaction represents a total value of around C$0.313 per Bearing share, reflecting a 43% premium based on recent share prices. The deal is pending approval from shareholders and regulatory bodies and is expected to close in September 2022.
Bearing Lithium Corp. has released an updated Definitive Feasibility Study (DFS) for its Maricunga Lithium Brine project, projecting a US$1.4B NPV after tax at an 8% discount rate. The project boasts a robust IRR of 39.6% and a 2-year payback period. Annual EBITDA is estimated at US$324M, with total CAPEX at US$626M. The project aims to produce 15,200 tonnes of lithium carbonate per annum over 20 years while maintaining an OPEX of US$3,718 per tonne. The company is also focused on achieving carbon neutrality and securing financing for construction.
Bearing Lithium Corp. (OTCQB:BLILF) has announced a significant update on its Maricunga lithium brine project in Chile. The Measured and Indicated resource has increased by 90% to 1,905,000 tonnes of Lithium Carbonate Equivalent (LCE) with an average lithium grade of 953 mg/l. This is a substantial rise from the previous 2019 estimate of 1,020,000 tonnes. The resource is still open at depth, with further exploration potential identified. The Definitive Feasibility Study continues, with financing discussions underway.
Bearing Lithium Corp. appointed Martin Gubbins to its Board of Directors as of September 24, 2021. Gubbins, a lawyer with 25 years of experience in environmental litigation, brings a wealth of local expertise. Additionally, the company granted him 1,000,000 stock options at $0.23 each for five years. Bearing Lithium holds a 17.14% interest in the Maricunga Lithium Brine Project in Chile, a highly regarded facility in the lithium industry with over $67 million invested to date. Chairman Gil Playford highlighted the significance of Gubbins’ appointment.
Bearing Lithium Corp. (OTCQB:BLILF) has provided an update on its Maricunga Lithium Brine Project. Minera Salar Blanco (MSB) is working with Mitsui & Co. on due diligence, with a binding agreement expected by Q1 2022. An updated Resource Report is set for mid-September, and a Definitive Feasibility Study will be released in early November. MSB is in discussions for additional financial partnerships. Bearing Lithium holds a 17.14% stake in this high-grade lithium project, having invested over $67 million to date.
Bearing Lithium Corp. (OTCQB: BLILF) announced an update on its Maricunga lithium project, highlighting a completed drilling program showing an average lithium concentration of 989 mg/l, with a peak of 3,375 mg/l. This confirms Maricunga as a prominent lithium source in Chile. The update indicates significant resource expansion is anticipated from the new drilling. The company received positive interest in financing options and is targeting a 50% project leverage. The lithium carbonate price is noted at $14,000 per tonne in key Asian markets, which could enhance project viability.
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