CALGARY, April 30, 2018 /CNW/ - Lithium Chile Inc. ("Lithium Chile" or the "Company") and Kairos Metals Corp. ("Kairos Metals") are pleased to announce that Lithium Chile's shareholders have voted unanimously in favour of a plan of arrangement (the "Plan") whereby the Company's copper/gold/silver properties will be transferred to a new company whose shares will be dividended out to the existing shareholders of Lithium Chile. With shareholder approval in place, Lithium Chile will now seek final court approval on May 7, 2018.
All holders of Lithium Chile shares on the dividend record date – expected to be two to three business days after the final court order date – will be entitled to the dividend of Kairos Metals shares.
Steve Cochrane, President and CEO of Lithium Chile, commented: "I am extremely pleased with the overwhelming shareholder support for making Lithium Chile a pure play lithium company and enabling Kairos Metals to expedite exploration efforts on the copper/gold/silver properties. This approach will allow for the rapid advancement of both project portfolios and maximise the potential for increasing shareholder value."
About Lithium Chile
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 64 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's common shares are listed on the TSX-V under the symbol "LITH".
About Kairos Metals
Kairos Metals will advance a copper/gold/silver property portfolio consisting of 28,184 hectares over six projects in Chile. Utilizing $1,000,000 of funding being provided to Kairos Metals from Lithium Chile as a part of the Plan, Kairos Metals intends to initiate exploration work as soon as practical after closing of the Plan.
To find out more about Lithium Chile, please contact Steven Cochrane, President and CEO at (403) 852-7117 or Jeremy Ross, VP Business Development, at (604) 537-7556 or via email to: info@lithiumchile.ca.
On Behalf of the Board of Directors,
LITHIUM CHILE INC.
Steven Cochrane
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, the ability of the Company to conduct exploration on its properties, and statements pertaining to timing of closing of the proposed Plan.
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.
SOURCE Lithium Chile Inc.
