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Lithium South Announces Filing of Audited Financial Statements, Receipt of Revocation Order, Closing of Plan of Arrangement and Delisting from TSX Venture Exchange
Lithium South Announces Filing of Audited Financial Statements, Receipt of Revocation Order, Closing of Plan of Arrangement and Delisting from TSX Venture
About this update from Lithium South Development Corporation
[{"type":"text","content":"VANCOUVER, BC / ACCESS Newswire / May 28, 2026 / Lithium South Development Corporation (the \"Company\" or \"Lithium South\") (TSX-V:LIS)(OTCQB:LISMF)(Frankfurt:OGPQ) announces that, further to its news release of May 19, 2026, it has filed its audited annual financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2025 (the \"Required Filings\") on SEDAR+. As a result of filing the Required Filings on SEDAR+, on May 25, 2026, the British Columbia Securities Commission issued a revocation order (the \"Revocation Order\") officially revoking the cease trade order (\"CTO\") issued on May 11, 2026.The CTO was issued by the BCSC on May 11, 2026, as a result of the Company's failure to file its Required Filings on or before April 30, 2026, as required under National Instrument 51-102 - Continuous Disclosure Obligations. The Company filed the Annual Filings on SEDAR+ on May 25, 2026.In regards to the plan of arrangement (the \"Plan of Arrangement\"), as previously announced on July 30, 2025, August 7, 2025, November 12, 2025, November 20, 2025, December 8, 2025, February 4, 2026, February 20, 2026, March 31, 2026, April 10, 2026, May 11, 2026, May 15, 2026 and May 19, 2026, the Company confirms that the aggregate net proceeds of the sale of the Company's wholly-owned subsidiary, NRG Metals Argentina S.A., has been fully deposited with Computershare Investor Services Inc. (the \"Depositary\") and the Plan of Arrangement is expected to close on May 28, 2026 (the \"Closing Date\") and Shareholders of the Company as of the Closing Date will receive a cash payment of CAD$0.505 per common share held, which is expected to be completed by the Depositary three business days following the Closing Date.Registered Shareholders are the only shareholders required to complete and return a letter of transmittal (the \"Letter of Transmittal\") to the Company's transfer agent, Computershare Investor Services Inc., in order to receive the cash consideration for their common shares pursuant to the Plan of Arrangement. The Letter of Transmittal may be found at the Company website: www.lithiumsouth.com/investors/All other shareholders will receive the cash consideration through the intermediary with which their shares are held (brokerage or bank).In addition, all in-the-money options an...