Vancouver, British Columbia–(Newsfile Corp. – February 6, 2020) – Bearing Lithium Corp. (TSXV: BRZ) (OTCQB: BLILF) (FSE: B6K2) (“Bearing” or the “Company“) announces that it has entered into an financial consulting agreement (the “Advisory Agreement“) with Leede Jones Gable Inc. (“Leede“) pursuant to which Leede has agreed to provide advisory services in connection with the Company’s review of strategic alternatives, including without limitation, acquisitions or dispositions of assets, joint venture agreements for mineral properties with, or without, participating interest buy-out provisions, amalgamations, mergers, takeovers or other corporate reorganizations (collectively, “Transactions“). Under the terms of the Agreement, the Company has agreed to pay Leede aggregate advisory fees of $120,000 (the “Advisory Fee“). The additional success-based fees to be paid to Leede in connection with any specific Transaction will be determined in accordance with the Advisory Agreement and are subject to prior approval of the TSX Venture Exchange.

Subject to approval of the TSX Venture Exchange, in order to preserve cash, the Company intends to issue common shares of the Company (“Common Shares“) to Leede as settlement of the outstanding Advisory Fee (the “Debt Settlement“). In the event the Debt Settlement completes, an aggregate of 1,000,000 Common Shares would be issued to Leede at a deemed price of $0.12, being the Discounted Market Price (as such term is defined in the policies of the TSX Venture Exchange) of the Common Shares.

About Leede Jones Gable Inc.

Leede Jones Gable Inc. is Canada’s newest national, independent employee owned, investment dealer. With roots that extend back more than 50 years, Leede Jones Gable Inc. came about as a result of the recent merger between Leede Financial Markets Inc. and Jones, Gable & Company Limited.

About Bearing Lithium Corp.

Bearing Lithium Corp. is a lithium-focused mineral exploration and development company. Its primary asset is an 18% interest in the Maricunga Lithium Brine Project in Chile. The Maricunga Project represents one of the highest-grade lithium brine salars globally and the only pre-production project in Chile. Over US$50 million has been invested in the Maricunga Project to date and all expenditures through to the delivery of a Definitive Feasibility Study have been fully-funded by the earn-in joint-venture partner.

ON BEHALF OF THE BOARD

Signed “Gil Playford”
Gil Playford, Interim CEO and Board Chair
[email protected]

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.

Cautionary Statements Regarding Forward Looking Information

This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.

Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things, completion of the Debt Settlement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, receipt of approval of the TSX Venture Exchange to the Debt Settlement. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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FOR DISSEMINATION IN THE UNITED STATES

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