Power Metals Files Plan of Arrangement for Spin-Out of Hard Rock Lithium Assets
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Johnathan More, Chairman of Power Metals states, "There has been an incredible amount of work that has gone into planning this Arrangement as we move forward with the creation of 2 companies from 1. We are committed to maximizing every ounce of value that we can give to shareholders as the creation of Power Lithium Corp. will host our exciting hard rock lithium assets where we intend to begin an aggressive drill program in the very near future. I would like to personally thank all parties that have helped us get to this exciting point in the growth of Power Metals."
Pursuant to the Plan of Arrangement, Power Metals Corp. shareholders as of the Record Date will receive 1 common share of Power Lithium for every 1 share of Power Metals he or she holds. The Record Date will be established in the Information Circular for the upcoming Power Metals AGM.
The Hard Rock Lithium Properties to be transferred to Power Lithium include the Case Lake, Larder River, Paterson Lake and Gullwing-Tot Lake mineral property claims and interests held by Power Metals as of the closing date of the Arrangement.
The completion of the Arrangement and the listing of Power Lithium on the CSE are subject to the approval of the Power Metals Corp. Shareholders, Supreme Court of British Columbia, TSXV and CSE. There is no guarantee that the Arrangement and listing of Power Lithium on the CSE will be completed.
About Power Metals Corp.
Power Metals Corp. is one of Canada's newest premier mining companies with a mandate to explore, develop and acquire high quality mining projects for minerals contributing to power. We are committed to building an arsenal of projects in both lithium other and clean power fuels. We see an unprecedented opportunity to supply the staggering growth of the lithium battery industry.
ON BEHALF OF THE BOARD,
Johnathan More
Chairman
None of the TSX Venture Exchange, the CSE nor their Regulation Service Providers (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Note Regarding Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Power Metals such as the statement that: (i) the Plan of Arrangement will be completed; (ii) Power Metals shareholders will receive shares of Power Lithium on a 1:1 basis pro rata with their shareholdings in Power Metals; (iii) Power Metals will transfer all of its interests in its hard rock lithium properties to Power Lithium (iv) Power Lithium will be listed on the CSE or at all and (v) Power Metals will transfer an amount of cash to Power Lithium through the Arrangement such that Power Lithium Corp. will meet CSE listing requirements. There are numerous risks and uncertainties that could cause actual results and Power Metals' plans and objectives to differ materially from those expressed in the forward-looking information, including other factors beyond Power Metals' control. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Power Metals assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
Contact
Power Metals Corp.
Johnathan More, Chairman
646-661-0409
info@powermetalscorp.com