New Company Owns Largest Lithium Resource in America
VANCOUVER, BC, October 5, 2023 (GLOBE NEWSWIRE) —POWR Lithium Corp. (CSE: POWR) (FRA: 6JX / WKN: A3D6BS) (OTCQB: PWRLF) (“POWR” or the “Company”), a mineral exploration and development company focused on American lithium deposits to support domestic demand, congratulates Lithium Americas’ on the completion of the reorganization of Lithium Americas into two independent companies, Lithium Americas and Lithium Argentina.
Lithium Americas owns the Thacker Pass project located in Nevada, which hosts the largest known Measured and Indicated lithium resource in the United States. Lithium Americas is focused on advancing construction at Thacker Pass; construction commenced in early 2023.
POWR CEO Pat Morris notes, “I am pleased to see Lithium Americas’ decision to focus on Nevada. It helps to validate what we’ve been saying for a while now – Nevada is the place to be for domestic lithium discoveries.”
Additionally, the Company announces that it has amended (the “Amendment”) the terms of a series of 5,733,200 outstanding common share purchase warrants (the “Warrants”). The Warrants were previously issued in connection with a non-brokered private placement completed by the Company. None of the Warrants are held by related parties or insiders of the Company. No Warrants have been exercised in the last six months.
Each of the 5,733,200 Warrants outstanding previously entitled the holder thereof to purchase one common share of the Company (each, a “Share”) at a price of $0.40 until January 17, 2025. Under the terms of the Amendment, the exercise price of the Warrants has been reduced to $0.25. The expiry date of the Warrants will not be amended.
The Company also announces that it has engaged Stride Report Inc. (“Stride”) (Principal: Raafat Nasser; address 1120-625 Howe Street, Vancouver, BC V6C 2T6; phone: 604-710-7318), an arm’s length party to the Company, to provide digital marketing services for a term of six months commencing on October 5, 2023. The services will include the development, publishing and management of digital content in Canada, Germany and the United States and other related services (collectively, the “Services”). In consideration for providing the Services, the Issuer has agreed to pay to Stride $700,000. Consideration offered to Stride does not include any securities of the Company. Aside from this engagement, the Company does not have any relationship with Stride.
The securities referred to in this news release have not been, nor will they be, registered under the United States (U.S.) Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
On Behalf of The Board of Directors,
Chief Executive Officer
POWR Lithium Corp.
About POWR Lithium Corp. (CSE: POWR) (FRA: 6JX / WKN: A3D6BS) (OTCQB: PWRLF)
POWR Lithium is an exploration and development company dedicated to the advancement of North American lithium deposits to support domestic demand. The Company holds interests on the Halo and Eli properties in Nevada. The Company is also focusing on the development of claystone extraction and processing technologies aimed at delivering scalable efficiencies across the value chain in a sustainable manner. Find out more visit www.powrlithium.com and watch our video.
POWR Lithium advises the public that as part of its disclosure obligations as a public issuer, all material and regulatory filings can be found on www.sedarplus.ca. We also invite the public to visit our website at www.powrlithium.com and to sign up to our “news alerts” to be advised of future news releases and related company information. Please also ensure you watch our video which is now available on the website.
Forward Looking Information Disclaimer
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company, as well as all of the other risks as described in the Company’s annual Management Discussion and Analysis dated December 16, 2022, under the heading “Risks Factors.” Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
The CSE has neither approved nor disapproved the contents of this press release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
POWR Lithium Corp.
Phone: +1 (778) 383-7240