LithiumBank Announces Approval To List on The TSX Venture Exchange On
LithiumBank Announces Approval To List on The TSX Venture Exchange On April 1st, 2022, Under
The Symbol LBNK and Other Corporate Updates
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Vancouver, BC. (March 31, 2022) – LithiumBank Resources Corp. (“LithiumBank” or the “Company”)
is pleased to announce that trading of the common shares of the Company (the “Common Shares”)
on the TSX Venture Exchange (“TSXV”) is anticipated to commence at the open of trading on April 1,
2022 under the trading symbol “LBNK”.
The Company currently has 37,162,239 Common Shares, 3,4 59,625 incentive stock options ,
6,146,119 share purchase warrants, and 848,179 broker warrants outstanding, each as further
described in the Company’s final prospectus dated March 1, 2022 (the “ Prospectus”). Of the
aforementioned securities, 8,510,000 Common Shares, 2,009,625 incentive stock options and
180,000 share purchase warrants are held in escrow pursuant to a National Policy 46 -201 escrow
agreement, which provides for 10% of such securities to be released on the date on which the
Common Shares are listed on the TSXV (the “Listing Date”) and 15% of such securities to be released
every six months after the Listing Date (for a total 36 month release period). In addition, the following
securities are subject to seed share resale restrictions pursuant to TSXV Policy 5.4 – Escrow, Vendor
Consideration and Resale Restrictions: (i) 10,450,001 Common Shares, 10% of which will be released
at the time of the TSXV bulletin with respect to the listing and trading of the Common Shares (the
“Bulletin”) and 15% of which will be released every 6 months from the time of the Bulletin (for a total
36 month release period); (ii) 3,819,999 Common Shares, which will be subject to a two year hold
with 20% released every six months with the first release on the date of the receipt of the Prospectus;
(iii) 100,000 Common Shares, which will be subject to a one year hold with 20% released every three
months with the first release on the date of the receipt of the Prospectus; (iv) 300,000 incentive stock
options with a $0.10 exercise price, which will be subject to a two year hold with 20% released every
six months with the first release on the date of the receipt of the Prospectus; (v) 100,000 incentive
stock options with a $0.20 exercise price, which will be subject to a one year hold with 20% released
every three months with the first release on the date of the receipt of the Prospectus; and (vi) 200,000
incentive stock options with a $0.80 exercise price, which will be subject to a four month hold with
20% released every month with the first release on the date of the receipt of the Prospectus.
The Prospectus, which is filed under the Company’s profile on www.sedar.com, discloses an
arrangement with Flower Hill Invest AB, DBA Hedgeless Horseman (the “Service Provider”) and the
Company wishes to provide an update with respect to this arrangement. The Company had previously
engaged the Service Provider to create and disseminate advertisements, banners, certain social
media and website content and news releases on behalf of the Company. This arrangement was
terminated on March 21, 2022 and the Company is hereby updating the public disclosure record
accordingly.
Further to the Prospectus disclosure regarding the Company’s agreement dated December 1, 2021
with Focus Communications IR (the “Focus”), an arm’s length service provider, pursuant to which the
Company agreed to pay Focus consideration that included an aggregate of 200,000 stock options (as
disclosed in the Prospectus) , the Company announces that it granted on March 25, 2022 the
aforementioned 200,000 stock options to purchase 200,000 Common Shares to Focus at a price of
$1.50 per share for a period of 2 years, subject to quarterly vesting over a period of 12 months from
the date of grant.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. is an exploration and development company focused on direct brine
lithium resources in Western Canada.
Contact:
Robert Shewchuk
CEO & Director
(778) 987-9767
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
release.
Forward Looking Statements
This press release includes "forward-looking information" that is subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of the Company. Statements regarding
trading of the common shares of the Company on the TSXV are subject to all of the risks and
uncertainties normally incident to such events. Investors are cautioned that any such statements are
not guarantees of future events and that actual events or developments may differ materially from
those projected in t he forward -looking statements. Such forward- looking statements represent
management's best judgment based on information currently available.