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Lithium One and Norris Lithium To Merge To Expand Land Position in James Bay, Quebec
Vancouver, British Columbia--(Newsfile Corp. - June 19, 2023) - Lithium One Metals Inc. (TSXV: LO...
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[{"type":"text","content":"Lithium One and Norris Lithium To Merge To Expand Land Position in James Bay, QuebecVancouver, British Columbia--(Newsfile Corp. - June 19, 2023) - Lithium One Metals Inc. (TSXV: LONE) (OTCQB: LOMEF) (FSE: H490) (\"Lithium One\" or \"LONE\") and Norris Lithium Inc. (CSE: CHCK) (\"Norris Lithium\") have entered into a definitive arrangement agreement dated June 19, 2023 (the \"Agreement\") pursuant to which Lithium One will acquire all of the issued and outstanding common shares of Norris Lithium (the \"Transaction\") on the basis of 0.672 common shares of Lithium One for each share of Norris Lithium held, by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the \"Arrangement\"). This strategic consolidation represents a significant milestone in both companies' growth trajectories, with Lithium One and Norris Lithium both benefiting from the creation of a large land position in James Bay, Québec, an established presence in Northwestern Ontario in a rapidly emerging lithium district, combined technical expertise, and a joint exploration program already underway. Upon the closing of the Transaction, it is expected that the shareholders of Norris Lithium will hold approximately 35% of the common shares of the combined company, with Dale Ginn being appointed as President & CEO of Lithium One, and Nav Dhaliwal assuming the role of Executive Chair of Lithium One. Transaction HighlightsCreating a Leading Land Position in James Bay, Québec. The Transaction will result in the addition of two lithium exploration projects totaling 4,500 ha in the renowned Corvette lithium belt of James Bay, Québec. As a result, Lithium One's total land holdings in the district will total 20,750 ha (Figure 1). Notably, Norris Lithium's Highway property is immediately adjacent to Lithium One's Ferrari property, which through the combination will grow to 9,000 ha. The combined company will have an overall lithium-prospective land position of 23,650 ha in Québec.A Platform for Growth in Ontario. Norris Lithium shareholders gain exposure to a portfolio of lithium-prospective exploration properties in Ontario, totalling 26,259 ha, for an overall total of 49,791 ha within the combined entity, creating one of the largest lithium property portfolios in Canada.Streamlining Exploration Programs. Both companies...