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Lithium Chile to spin out Chilean Copper Gold assets and complete $4,000,000 private placement
Lithium Chile to spin out Chilean Copper Gold assets and complete $4,000,000 private place...
About this update from Lithium Chile Inc
[{"type":"text","content":"\n\n\n\nLithium Chile to spin out Chilean Copper Gold assets and complete $4,000,000 private placement\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, Jan. 30, 2018\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\nTSX Venture Exchange: \"LITH\" \n\n\n\nCALGARY, Jan. 30, 2018 /CNW/ - Lithium Chile Inc. (\"Lithium Chile\" or the \"Corporation\") is pleased to provide an update on the proposed spin out of its Chilean copper gold assets and the arranging of a $4,000,000 private placement.\n\nThe Corporation anticipates using existing working capital to complete the previously announced \"spin-out\" of its Chilean Copper/Gold/Silver property portfolio (the \"Spin-Out Transaction\") into a stand-alone, publicly listed, company to be named Kairos Metals Corporation (\"Kairos Metals\"), as announced December 19, 2017.  The effective date for the Spin-Out Transaction is expected to be approximately five days after a meeting of the Corporation's shareholders has been held to approve the arrangement and will result in a shareholder of Lithium Chile owning an equal pro rata percentage of Kairos Metals on an issued and outstanding basis.  The Corporation expects to provide its shareholders with further information on this exciting development within the next two weeks, once the terms of the Spin-Out Transaction have been determined. \n\nSteve Cochrane, President and CEO of Lithium Chile, commented: \"We are delighted to be spinning out our wholly owned copper-gold-silver property portfolio into their own public company, unlocking the significant value they contain for the benefit of all shareholders.\"\n\nThe Corporation is also pleased to announce that it intends to complete, subject to regulatory approval, a non-brokered private placement of up to 4,000,000 units (\"Units\") at a price of $1.00 per Unit for aggregate gross proceeds of up to $4,000,000 (the \"Offering\"). Each Unit will be comprised of one common share (\"Common Share\") and one-half of on...