Li-FT Power Ltd. (“Li-FT” or the “Company”) (CSE: LIFT) (Frankfurt: WS0) 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:
- 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;
- 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.”
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.