Li-FT Completes Acquisition of the Yellowknife Lithium Project
Li-FT Completes Acquisition of the
Yellowknife Lithium Project
Vancouver, British Columbia--(Newsfile Corp. - December 30, 2022) - Li-FT Power Ltd. (CSE:
LIFT
)
(FSE:
WS0
) ("
Li-FT
" or the "
Company
") is pleased to announce that, further to its press release of
November 23, 2022, it has now completed the acquisition of 1361516 B.C. Ltd. (the "
Target
"), as
contemplated by an amalgamation agreement dated November 22, 2022 between the Company, the
Target and a wholly owned subsidiary of the Company, 1386798 B.C. Ltd. ("
Subco
"). The Target is
a
private company holding a 100% interest in the Yellowknife Lithium Project (the "
Project
").
The acquisition of the Target (the "
Transaction
") was completed by way of a three-corner
amalgamation under the
Business Corporations Act
(British Columbia), whereby, among other things:
a
.
Subco, a subsidiary created for the purposes of completing the Transaction, was amalgamated
with and into the Target, with the amalgamated entity, Yellowknife Lithium Ltd., becoming
a wholly
owned subsidiary of the Company, and;
b
.
each outstanding share of the Target (a "
Target Share
") was exchanged for 0.60 of a common
shares of Li-FT (a "
Li-FT Share
"), with the Transaction resulting in the issuance of 18 million Li-FT
Shares, each at a deemed price of $8.59 per share.
No new insiders were created as a result of the Transaction. No finder's fees were paid in connection
with the Transaction.
Francis MacDonald, CEO of Li-FT, comments, "We are very happy to have completed the acquisition of
the Yellowknife Lithium Project which is a transformative moment for Li-FT. We look forward to materially
advancing the project in 2023."
About Li-FT
Li-FT is a mineral exploration company engaged in the acquisition, exploration, and development of
mineral properties, specifically lithium pegmatite projects located in Canada. The Company currently
controls 228,237 hectares of ground at its Rupert, Pontax, and Moyenne Projects which are prospective
for hard rock lithium deposits.
For further information, please contact:
Francis MacDonald
Chief Executive Officer
Tel: Canada: +1.778.322.8705
Tel: Germany: +49.1522.1073741
Email:
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 are based on current expectations and various
estimates, factors and assumptions and involve known and unknown risks, uncertainties and other
factors. Forward-looking statements are not a guarantee of future performance and involve risks,
uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results
to differ materially from those in forward-looking statements include the continued availability of
capital and financing, and general economic, market or business conditions, including the effects of
COVID-19. Forward-looking statements contained in this press release are expressly qualified by this
cautionary statement. These statements should not be read as guarantees of future performance or
results. Such statements involve known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially different from those implied by
such statements. Although such statements are based on management's reasonable assumptions,
there can be no assurance that the statements will prove to be accurate or that management's
expectations or estimates of future developments, circumstances or results will materialize. The
Company assumes no responsibility to update or revise forward-looking information to reflect new
events or circumstances unless required by law. Readers should not place undue reliance on the
Company's forward-looking statements.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that
term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/149875