CALGARY, April 24, 2018 /CNW/ - Lithium Chile Inc. ("Lithium Chile" or the "Company") is pleased to remind shareholders that the Lithium Chile shareholder meeting (the "Meeting") to approve the plan of arrangement (the "Plan"), whereby Lithium Chile will dividend the shares of Kairos Metals Corp. to its shareholders, will take place this Friday, April 27, 2018. All persons holding shares of Lithium Chile on the dividend record date will be entitled to the dividend of the Kairos Metals Corp. shares.
The proposed Plan, which remains subject to shareholder approval at the Meeting and certain regulatory approvals, will establish a separate company, named Kairos Metals Corp., which will exploit Lithium Chile's copper/gold/silver properties. Lithium Chile has reserved a court date of May 7, 2018 to seek final court approval for the Plan. The dividend record date is expected to be three to five business days after the final court order date.
Steve Cochrane, President and CEO of Lithium Chile, commented: "This transaction will establish a separate company which will focus exclusively on unlocking the value in our exciting, wholly-owned copper/gold/silver property portfolio. All Lithium Chile shareholders on the dividend record date will receive a share dividend in the new company, Kairos Metals Corp."
About Lithium Chile (TSX-V: LITH)
Lithium Chile is advancing a lithium property portfolio consisting of 148,500 hectares covering sections of 13 salars and 1 laguna complex in Chile. The properties include 66 square kilometres on the Salar de Atacama which hosts the world's highest concentration lithium brine production and is currently the source of approximately 30% of the world's lithium production. Lithium Chile also owns a significant copper/gold/silver property portfolio consisting of 28,184 hectares over six different properties also located in Chile. Lithium Chile's common shares are listed on the TSX-V under the symbol "LITH".
On Behalf of the Board of Directors,
LITHIUM CHILE INC.
President & CEO
NEITHER THE TSX VENTURE EXCHANGE 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.
Forward Looking Statements
This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. In particular, this news release contains forward-looking statements relating to, among other things, management of the Company's views regarding its properties and the ability of the Company to conduct exploration on its properties, and the proposed Spin-Out Transaction.
You are cautioned that the following list of material factors and assumptions is not exhaustive. Specific material factors and assumptions include, but are not limited to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; and the success the Company will have in exploring its prospects and the results from such efforts. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.