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Lithium Energy Products Receives TSX Venture Conditional Approval for Lost Sheep Mine Acquisition
(via TheNewswire) Vancouver, British Columbia - TheNewswire - February...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Lithium Energy Products Receives TSX Venture Conditional Approval for Lost Sheep Mine Acquisition(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - February 10th , 2020. LITHIUM ENERGY PRODUCTS INC. (\"LEP\" or the \"Company\") (TSXV:LEP) (FRANKFURT: N8I) today announced that, further to its news releases of April 3, 2019, October 11, 2019 and January 29, 2020, it has received conditional approval from the TSX Venture Exchange (the \"TSXV\") for the proposed transaction with American Strategic Minerals Inc. (\"ASM\"), a private British Columbia company, to acquire 100% of the Lost Sheep Fluorspar Mine. \n\n\n \nThe transaction is structured as a three-cornered amalgamation among LEP, ASM, and a wholly-owned subsidiary of LEP (the \"Transaction\") pursuant to a definitive amalgamation agreement dated April 1, 2019, as amended (collectively, the \"Agreement\"). Pursuant to the terms of the Agreement, the existing shareholders of ASM will each receive one unit from LEP (each, a \"Unit\"), each Unit consisting of one common share of LEP (each, a \"Lithium Share\") and one half of one warrant at an exercise price of $0.16 for each two shares of ASM. In earlier news releases it was originally reported that LEP would issue an aggregate of 14,274,560 Units to the existing holders of ASM. However, the Company wishes to confirm and advise that it will be issuing a total of 14,184,560 Units to the existing holders of ASM.\n\n\n \nIn its news release of January 29, 2020, the Company announced it was conducting a non-brokered private placement (the \"Financing\") raising gross proceeds of up to a remaining amount of $3,300,000 at a price of $0.08 per unit, with each unit comprised of one Lithium Share and one half of one share purchase warrant of LEP (each, a \"Lithium Financing Unit\"), and with each whole warrant entitling the holder to acquire an additional Lithium Share at the exercise price of $0.15 for a period of two years from the date of issuance (each, a \"Lithium Warrant\"). The Company originally anticipated it would raise an additional $1,800,000 in the Financing, or the issuance of 22,500,000 Lithium Financing Units. The Company is pleased to report that it anticipates it will increase the amount to close on an aggregate of $1,966,400, or the issuance of 24,580,000 Lithium Financing Units. All other terms of t...