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Lithium Chile Finalizes Terms of Copper/Gold/Silver Property Spin Out and Announces Special Meeting of Shareholders to Approve the Transaction
Lithium Chile Finalizes Terms of Copper/Gold/Silver Property Spin Out and Announces Specia...
About this update from Lithium Chile Inc
[{"type":"text","content":"\n\n\n\nLithium Chile Finalizes Terms of Copper/Gold/Silver Property Spin Out and Announces Special Meeting of Shareholders to Approve the Transaction\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Feb. 14, 2018\n\n\n\nTSX Venture Exchange: \"LITH\"\n\n\n\nCALGARY, Feb. 14, 2018 /CNW/ - Lithium Chile Inc. (\"Lithium Chile\" or the \"Company\") is pleased to announce that it has finalized the terms of the \"spin out\" of its Copper/Gold/Silver property portfolio into a new, publicly traded, company to be listed on the TSX Venture Exchange.\n\nHighlights\n\n\nShareholder Meeting: Lithium Chile has called a special meeting of its shareholders to be held on April 12, 2018 (the \"Special Meeting\") wherein shareholders of record as of March 8, 2018 will be asked to approve a plan of arrangement whereby Lithium Chile will dividend out the shares of its newly formed and 100% owned subsidiary to its shareholders (the \"Share Dividend\"). On the effective date of the Share Dividend, the subsidiary will own 100% of Lithium Chile's extensive Copper/Gold/Silver property portfolio in Chile (the \"CGS Properties\").\nNew Subsidiary Name: Lithium Chile incorporated Kairos Metals Corp. (\"Kairos Metals\") on January 15, 2018. Kairos Metals has issued 24,260,772 of its common shares to Lithium Chile, being an amount equal to ¼ of the issued and outstanding shares of Lithium Chile.\nParticulars of Transaction: The CGS Properties are currently owned by Lithium Chile's wholly owned Chilean subsidiary, Minera Kairos Limitada. The CGS Properties are being transferred to Minera San Lorenzo Limitada; a wholly owned Chilean subsidiary of Kairos Metals, at a deemed value of $1,200,000 (the \"Purchase Price\") which is based on Lithium Chile's carrying cost of the CGS Properties.\nLoan from Lithium Chile to Kairos Metals: Included in the plan of arrangement will be a loan from Lithium Chile to Kairos Metals in the amount of $1,000,000 (the \"Loan\"). Kairos Metals will use the Loan proceeds to fund further exploration work on ...