Business
First Lithium Minerals Announces Closing of Reverse Takeover Transaction
Toronto, Ontario--(Newsfile Corp. - July 28, 2022) - First Lithium Minerals Corp. ("First Lithium" or the "Company") announces the successful closing of its pre
About this update from First Lithium Minerals Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - July 28, 2022) - First Lithium Minerals Corp. (\"First Lithium\" or the \"Company\") announces the successful closing of its previously announced reverse takeover (\"RTO\") of PetroCorp Group Inc. (\"PetroCorp\") by First Lithium Minerals Inc. and QL Minerals Inc. In connection with the RTO transaction, a wholly-owned subsidiary of PetroCorp amalgamated with and into First Lithium Minerals Inc. and QL Minerals Inc., and all of the outstanding shares of First Lithium Minerals Inc. and QL Minerals Inc. were exchanged for shares of PetroCorp, and PetroCorp changed its name to \"First Lithium Minerals Inc.\" and consolidated its outstanding common shares on an approximately 82 for 1 basis (the \"Common Shares\"). The Company now focuses on the business of First Lithium Minerals Inc., which is a mineral exploration company focused on the OCA Project, a lithium project comprised of approximately 8,900 ha of mineral exploration concessions located in the salars of Ollague, Carcote and Ascotan in the Antofagasta Region of Northern Chile within the cordilleran sector bordering Bolivia. As previously announced, ahead of the RTO: (i) First Lithium Minerals Inc. closed $5,914,500 in a private placement of subscription receipts at $0.25 per subscription receipt; and (ii) QL Minerals Inc. closed $795,000 in a private placement of subscription receipts at $0.25 per subscription receipt. In connection with the RTO transaction, such subscription receipts were exchanged for Common Shares of the Company. Commencement of Trading On June 29, 2022, the Company received the conditional approval from the Canadian Securities Exchange (\"CSE\") for the listing of the Common Shares that resulted from the closing of the RTO. The Company expects to commence trading on the CSE on or about Tuesday, August 9, 2022 under the symbol \"FLM\". The Company currently has 86,876,163 outstanding Common Shares. New Board and Management Following the RTO, the leadership team of the Company is as follows: Rob Saltsman - Chief Executive Officer and Director Claude Ayache - Chief Financial Officer Peter Espig - Director Ernest Mast - Director Additional information related to the Company's business, capitalization and the RTO (including the members of the management team and board of directors listed above) will be available in...