VANCOUVER, BC / ACCESSWIRE / May 21, 2024 / SALi Lithium Corp. (formerly Pursuit Gold Corp.) (the "Company" or the "Resulting Issuer") is pleased to announce that it has completed its previously announced acquisition of 1477430 B.C. Ltd. (formerly South American Lithium Corp., an Alberta corporation) ("SALi"), by way of a three-cornered amalgamation (the "Amalgamation") carried out under the Business Corporations Act (British Columbia), and that the common shares of the Resulting Issuer have been conditionally approved for listing (the "Listing") on the Canadian Securities Exchange (the "CSE") under the symbol "SALI".
The Amalgamation
The Amalgamation was carried out pursuant to the amalgamation agreement dated July 14, 2023 (the "Amalgamation Agreement") between the Company and SALi, as reinstated and amended on January 29, 2024 and amended on April 30, 2024. Under the Amalgamation, SALi combined with 1477445 B.C. Ltd. ("Pursuit Subco") to become a wholly-owned subsidiary of the Company as the Resulting Issuer. Concurrent with completion of the Amalgamation, the Company changed its name to SALi Lithium Corp.
The Amalgamation was subject to a number of conditions, which were met prior to its implementation, including approval of the shareholders of the Company respecting the Amalgamation as a Fundamental Change and the CSE's clearance of the Company's draft Form 2A Listing Statement respecting the Amalgamation (the "Listing Statement").
Pursuant to the Amalgamation, former shareholders of SALi received an aggregate of 34,503,325 common shares of the Company ("Resulting Issuer Shares") in exchange for their common shares of SALi shares on a one-for-one basis and all outstanding SALi warrants and incentive options became exercisable into Resulting Issuer Shares in accordance with their terms. The Resulting Issuer now has an aggregate of 50,752,325 Resulting Issuer Shares issued and outstanding.
Management of the Resulting Issuer
Following the completion of the Amalgamation, the board and management of the Resulting Issuer were reconstituted through resignations and appointments, so that the following persons are now directors and officers of the Resulting Issuer.
Dustin Nanos - Chief Executive Officer and Director
Christina Blacker - Chief Financial Officer and Corporate Secretary
Ken Booth - Director
Michelle DeCecco - Director and Board Chair
Richard Rosner - Director
Listing Statement and Resumption of Trading
Further details about the Resulting Issuer, including information about the board and management, financial information, and information about its principal mineral property, the El Quemado Project located in Salta Province, Argentina, will be included in the Listing Statement and in subsequent news releases and other public filings, all of which will be available for review on the Company's CSE profile and under the Company's profile on www.sedarplus.ca. Completion of the Listing and resumption of trading in the Company's shares under the Company's new name remain subject to final approval by the CSE, which the Company hopes to receive shortly.
About SALi Lithium Corp.
SALi Lithium Corp. is a mineral exploration company focused on exploration for lithium resources in Argentina. Its primary property is its interest in the El Quemado Project, comprised of 46 mining concessions (minas) located in Salta Province, Argentina, that is being explored for lithium mineralization.
On behalf of the Board of Directors,
Dustin Nanos
CEO and director
1-587-577-9878
Forward-Looking Information and Statements
This news release contains forward-looking information or statements (collectively referred to herein as "forward-looking statements"). Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements and are not guarantees of the future performance of the Resulting Issuer. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Resulting Issuer will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. The forward-looking information and forward-looking statements contained in this news release include, but are not limited to, statements regarding: the Resulting Issuer's ability to achieve the Listing and the timing for that to occur and the Resulting Issuer's future operation of the El Quemado Project. Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the Resulting Issuer's control and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Resulting Issuer to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Resulting Issuer's operations; and risks associated with the Resulting Issuer's ability to meet CSE listing requirements. Readers are cautioned not to place undue reliance on forward-looking statements for the reasons outlined above, as the expectations in the forward-looking statements may prove to be incorrect, and actual results may differ materially from those anticipated.
The CSE has not reviewed, approved, or disapproved the contents of this press release.
SOURCE: SALi Lithium Corp.