LPI 3.64% 26.5¢ lithium power international limited

EIA expected this quarter commented Gil Playford

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    ..... ....... chairman and interim chief executive officer of Bearing Lithium.

    Bearing closes $892,440 first tranche of financing 2020-01-27 16:44 ET - News Release

    Mr. Gil Playford reports

    BEARING CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT FINANCINGBearing Lithium Corp. has closed the first tranche of the non-brokered private placement announced Dec. 10, 2019, and has issued a total of 7,437,000 units at a price of 12 cents per unit for gross proceeds of approximately $892,440. Each unit consists of one common share and one-half of a common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at a price of 18 cents for 18 months following closing of the private placement. The warrants will be subject to an acceleration clause in the event the closing price of the company's common shares on the TSX Venture Exchange is greater than 30 cents for 15 consecutive trading days. The company will give notice to the holders of the acceleration event and the warrants will expire 30 days thereafter. The company anticipates that the second and final tranche of the private placement will close in the next few days.In connection with the first tranche of the private placement, the company has paid an aggregate of $20,282 in cash finders' fees plus issued a total of 169,020 share purchase warrants to purchase 169,020 common shares to Leede Jones Disallowedle Inc. The finders' warrants will have the same terms as the warrants forming part of the units. All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day from the date of issuance.The company intends to use the net proceeds of the private placement to finance quarterly capital calls of the Maricunga project joint venture and for working capital."

    The very important milestone of completion and approval of the environmental impact assessment study is expected this quarter," commented Gil Playford, chairman and interim chief executive officer of Bearing Lithium.About Bearing Lithium Corp.Bearing Lithium is a lithium-focused mineral exploration and development company. Its primary asset is an 18-per-cent interest in the Maricunga lithium brine project in Chile.

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