LSC Lithium Corporation Announces Closing of Arrangement and the Completion of its Acquisition by Pluspetrol Resources Corporation B.V.
TORONTO, March 15, 2019 (GLOBE NEWSWIRE) -- 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.
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.
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 605
Toronto ON Canada M5J 1T1
+598 2 1838 3200/3403
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The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.