LIFT To Acquire Shorty West Lithium Claim

Rhea-AI Summary

Li-FT Power (TSXV: LIFT) (OTCQX: LIFFF) has announced a strategic acquisition of the Shorty West Lithium mineral claim from Infinity Stone Ventures Corp. The claim is adjacent to LIFT's existing Yellowknife Lithium Project, potentially expanding the company's lithium resources. As consideration, LIFT will issue 12,000 common shares to Infinity Stone Ventures, subject to resale restrictions under Canadian securities laws. The acquisition, dated July 17, 2024, is pending approval from the TSX Venture Exchange. This move demonstrates LIFT's commitment to strengthening its position in the lithium market and expanding its project portfolio in the Yellowknife area.

Positive

• Acquisition of adjacent lithium claim expands LIFT's Yellowknife Lithium Project
• Strategic move to potentially increase lithium resources
• Relatively low-cost acquisition using share issuance instead of cash

Negative

• 12,000 common shares issuance may lead to slight shareholder dilution
• Acquisition subject to TSX Venture Exchange approval, introducing uncertainty

VANCOUVER, British Columbia, July 18, 2024 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to announce that it has entered into a mineral property purchase agreement dated July 17 2024 with Infinity Stone Ventures Corp. (CSE: GEMS) to acquire the Shorty West Lithium mineral claim (the “Shorty West Claim”), which is adjacent to the Company’s Yellowknife Lithium Project. As consideration for the Shorty West Claim, the Company will issue 12,000 common shares, which will be subject to applicable resale restrictions under Canadian securities laws. The completion of the acquisition is subject to the approval of the TSX Venture Exchange. No finder’s fees are payable in connection with the acquisition.

Figure 1 – Location of Infinity Stone Venture’s Shorty West mineral claim in relation to LIFT’s Shorty claims.

About LIFT

LIFT is a mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects located in Canada. The Company’s flagship project is the Yellowknife Lithium Project located in Northwest Territories, Canada. LIFT also holds three early-stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried lithium pegmatites, as well as the Cali Project in Northwest Territories within the Little Nahanni Pegmatite Group.

For further information, please contact:

Francis MacDonald	Daniel Gordon
Chief Executive Officer	Investor Relations
Tel: + 1.604.609.6185	Tel: +1.604.609.6185
Email: info@li-ft.com	Email: investors@li-ft.com
Website: www.li-ft.com

Cautionary Statement Regarding Forward-Looking Information

Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. 

Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's latest annual information form filed on March 27, 2024, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.

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 news release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/441d707a-e893-4d8f-a4ec-9c615ee5c5fa

FAQ

What is the Shorty West Lithium claim LIFFF is acquiring?

The Shorty West Lithium claim is a mineral property adjacent to LIFT's Yellowknife Lithium Project, being acquired from Infinity Stone Ventures Corp.

How much is LIFFF paying for the Shorty West Lithium claim?

LIFT is issuing 12,000 common shares as consideration for the Shorty West Lithium claim.

When did LIFFF announce the acquisition of the Shorty West Lithium claim?

LIFT announced the acquisition on July 18, 2024, with the mineral property purchase agreement dated July 17, 2024.

Is the Shorty West Lithium claim acquisition by LIFFF finalized?

No, the acquisition is subject to approval from the TSX Venture Exchange.