Business
Lithium Chile Provides A Statement on the Recent Government of Canada Announcement
(TheNewswire) CALGARY, ALBERTA, - TheNewswire - November 7, 2022 ...
About this update from Lithium Chile Inc
[{"type":"text","content":"Lithium Chile Provides A Statement on the Recent Government of Canada Announcement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CALGARY, ALBERTA, -\n \n \n TheNewswire -\n \n \n November 7, 2022 –\n \n \n Lithium Chile Inc.\n \n \n (“Lithium Chile” or the “Company”)\n \n \n (TSXV:LITH) (OTC:LTMCF)\n \n \n advises that its shareholder, Chengze Lithium International\nLimited (\"Chengze\") has received an Order from the\nInvestment Review Division, Canada, to divest of its role and interest\nin the Company. Chengze owns approximately 19.35% of Lithium Chile's\noutstanding common shares.\n \n \n \n \n \n \n The private placements into Lithium Chile Inc., by\nChengze completed in January and May of 2022, were completed in\naccordance with the Canadian Investment Act guidelines and policies.\n \n \n \n \n \n \n The investments by Chengze into the Company were\napproved by the TSX Venture Exchange.\n \n \n \n \n \n \n The assets operated by the Company are owned through\nits South American subsidiaries in Chile and Argentina.\n \n \n \n \n \n \n The assets operated by the Company\n \n \n are not Canadian assets\n \n \n , nor is the Company’s significant lithium resource,\nrecently reported in its NI 43-101 compliant report.\n \n \n \n \n \n \n The investments into the Company by Chengze does not\nequate to a control position, nor does it give Chengze special rights\nin respect to the outcome or decisions made by the Company.\n \n \n \n \n \n \n It is important to note that while\nthe investments made by Chengze have given the Company a significant\ncash position, the outcome of this Order does not affect the ownership\nand/or value of the Company’s assets and/or lithium resource.\n \n \n \n \n \n \n The Company was advised of this Order on the same day\nit was publicized by the Government, and the Order is being\nreviewed.\n \n \n \n \n \n \n Steve Cochrane, President and CEO comments “Chengze\nLithium Group has been a supportive shareholder of Lithium Chile’s\nover these last 11 months. Their technical team in Argentina have\nprovided excellent insight and advice to our Argentinian team as we\nhave advanced our Arizaro project.\n \n \n \n \n Notwithstanding, we have received\nmore than a dozen requests from individuals and...