IberAmerican Responds to Recent Promotional Activity Pursuant to OTC Markets' Request
Toronto, May 31, 2024 - IberAmerican Lithium Corp. (CBOE: IBER) (OTCQB: IBRLF) (FSE: W2C) ("IberAmerican" or the "Company"), a company focused on the exploration of lithium, has received a request from the OTC Markets Group Inc. ("OTC Markets") to issue a statement on recent promotional activity related to IberAmerican's common shares traded on the OTCQB market (operated by OTC Markets).
On May 28, 2024, OTC Markets informed the Company that it became aware of certain promotional activities concerning the Company and its common shares traded on the OTCQB Marketplace, including the distribution of a number of newsletter emails published by Future Money Trends, Wealth Research Group, Portfolio Wealth Global, and Spartan Trading discussing, among other things, the Company, its business, the proposed business combination with Strategic Minerals Europe Corp. (the "Business Combination") and the tin and battery metals market generally (collectively, the "Newsletters").
In September 2023, the Company entered into an advertising agreement with Gold Standard Media, LLC ("Gold Standard"), whereby Gold Standard, along with its affiliates, Future Money Trends LLC, Wealth Research Group LLC, Crush the Street, and Portfolio Wealth Global LLC (collectively, the "Gold Standard Affiliates"), would provide investor relations and advertising services to the Company. The Company was therefore aware of the Gold Standard Affiliates' activities respecting the Company. Accordingly, the Newsletters were paid for by the Company through its engagement of Gold Standard.
With respect to other marketing service providers engaged by the Company within the last 12 months, commencing in September 2023, the Company launched a marketing and investor relations program to raise awareness about the Company and subsequently the Business Combination. The following is a list of the third-party providers (collectively, the "Service Providers") engaged by the Company to provide investor relations services, marketing, or other related services in the last twelve months. All contracts with the Service Providers are active:
- Gold Standard Media, LLC; and
- Spark Newswire.
The Company was therefore aware of the Service Providers' activities respecting the Company since it began its marketing campaign in 2023. The Service Providers are third-party marketing and advertising firms. The appointment of the Service Providers, the nature of the relationship between the Company and the Service Providers and the annual budget allocated to investor relations activities were publicly disclosed in news releases on September 1, 2023 and April 29, 2024, both of which can be found under the Company's profile on SEDAR+ (www.sedarplus.ca) and on its website at https://iberamericanlithium.com/.
The Company provided the Service Providers with publicly available sources of information for its marketing materials and management reviewed and commented on the materials prepared by the Service Providers prior to their dissemination, including to ensure factual accuracy. The Company has reviewed the materials and while it does consider some of the materials to be speculative in some respects, it does not consider the statements made in the materials to be materially false or misleading. In all cases, disclaimers are present to make sure the viewers contact qualified and registered brokers, investment advisors and financial advisors for personal investment advice with respect to decisions relating to purchasing the Company's securities.
The Company understands there was an increase in trading activity in its common shares beginning on or about May 28, 2024. The Company has no opinion as to whether or not or the extent to which the promotional activity outlined herein affected trading activity because of the many factors that affect trading activity generally, which may include, but are not limited to: (i) the volatile nature of the industry in which the Company is involved; and (ii) the prior issuance of public press releases, including the Company's press release regarding the approval by Strategic Minerals Europe Corp. shareholders of the Business Combination.
Upon inquiry of Company management, and as confirmed by individual insider filings made on www.sedi.ca, none of the Company's officers, directors or greater than 10% shareholders, have: (i) directly or indirectly been involved in the creation of, distribution of, or payment for promotional materials related to the Company or its common shares; or (ii) sold or purchased any of the Company's securities in the past 90 days.
After an inquiry amongst the Service Providers, to management's knowledge: (i) Gold Standard has not sold or purchased securities of the Company within the past 90 days and; (ii) Spark Newswire has either, directly or indirectly, purchased or sold securities of the Company within the past 90 days.
The Company has not at any point issued shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of issuance.
The Company is committed to compliance with the OTC Markets policy on stock promotion and the OTCQB standards. The Company encourages those interested in the Company to rely solely on information included in press releases issued and distributed by the Company through approved news wire or disclosure and news services, combined with its filings and disclosures, as well as information provided through the OTC Markets.
About IberAmerican Lithium Corp.
IberAmerican is a hard-rock lithium exploration company focused on advancing its 100% owned Alberta II & Carlota Properties located in the Galicia region of northwestern Spain. IberAmerican's properties are located in a favourable lithium district with world class infrastructure and a supportive and proactive mining jurisdiction.
Additional information on IberAmerican is available at www.iberamericanlithium.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.
Further information
For further information, please contact:
IberAmerican Lithium Corp.
Campbell Becher, Chief Executive Officer
inquiries@ialitihium.com
647-404-9071
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211322