LSC Lithium Corporation Announces Closing of Arrangement and the Completion of its Acquisition by Pluspetrol Resources Corpor...
16 March 2019 - 5:50AM
LSC Lithium Corporation (“
LSC” or
the “
Corporation”) (TSX-V:LSC) (FRANKFURT:8LS) is
pleased to announce the successful completion of the previously
announced plan of arrangement whereby Pluspetrol Resources
Corporation B.V. (“
Pluspetrol”) has, effective
today’s date, acquired all of the issued and outstanding common
shares of LSC (the “
Arrangement”). Pursuant to the
Arrangement, Pluspetrol acquired all of the issued and outstanding
LSC common shares in exchange for $0.6612 in cash (the
“
Consideration”) for each LSC common share.
In addition, issued and outstanding options and warrants to acquire
LSC common shares were transferred to LSC in exchange for a cash
payment of the Consideration less the exercise price of the
applicable options and warrants. All out-of-the-money options and
warrants were cancelled for no consideration.
As a result of the closing of the Arrangement,
the common shares of LSC are expected to be delisted from the TSX
Venture Exchange at the close of trading on or about March 20,
2019.
LSC intends to apply to the relevant securities
regulatory authorities to cease to be a reporting issuer in British
Columbia and Alberta.
Securityholders with questions about submitting
their securities to the Arrangement and receiving the applicable
consideration to which they are entitled can contact the
depositary, TSX Trust Company, at 1-866-600-5869 (toll free in
North America) or 416-342-1091 or by email at
TMXInvestorServices@tmx.com.
Further information about the Arrangement is
also set out in LSC’s Management Information Circular, which is
available under LSC’s profile on SEDAR at www.sedar.com.
ABOUT LSC LITHIUM
CORPORATION
LSC Lithium has amassed a large portfolio of
prospective lithium rich salars and is focused on developing its
material projects: Pozuelos and Pastos Grandes Project, Rio Grande
Project and Salinas Grandes Project. All LSC tenements are located
in the “Lithium Triangle,” an area at the intersection of
Argentina, Bolivia, and Chile where the world’s most abundant
lithium brine deposits are found. LSC Lithium has a land package
portfolio totaling approximately 300,000 hectares, which represents
extensive lithium prospective salar holdings in Argentina.
ABOUT PLUSPETROL
Pluspetrol is the leading oil and gas private
company in Latin America, with presence in 3 continents and
operations in 5 countries: Argentina, Angola, Bolivia, Colombia and
Perú. Pluspetrol is also positioned as an important protagonist in
unconventional reservoirs in Argentina, which makes it a key global
player in this strategic resource.
For further information please
contact:LSC Lithium Corporation 40 University Avenue,
Suite 605Toronto ON Canada M5J 1T1
Natalio Battaglia+598 2 1838 3200/3403
Neither the TSX Venture Exchange Inc. 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.
The TSX Venture Exchange Inc. has neither
approved nor disapproved the contents of this press
release.
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