Vancouver, Jan. 16, 2024 -
Lithium Lion Metals Inc. ("Lithium Lion" or the "Company") (CSE:LLM) (OTC:GLIOF) (FSE:2BC) announces that the Company will be consolidating all of its issued and outstanding common shares on the basis of one (1) post-consolidated Share (each a "Post-Consolidated Common Share") for every ten (10) pre-consolidated shares (each a "Pre-Consolidated Common Share") held (the "Consolidation"). The Consolidation is intended to make the Company more attractive to potential new investors.
The Company's board of directors approved the Consolidation on January 11, 2024, and have set
January 19, 2024 as the record date of the Consolidation. Trading of the Post-Consolidated Common Shares on the Canadian Securities Exchange ("CSE") is expected to commence on or about January 18, 2024, subject to final approval by the CSE. The new CUSIP number will be 53681M205 and the new ISIN number will be CA53681M2058. The Company's name and stock symbol will remain unchanged following the Consolidation.
As of the date hereof, the Company currently has 83,816,486 Pre-Consolidated Common Shares issued and outstanding. The Consolidation will reduce the number of outstanding shares to approximately 8,381,64 Post-Consolidated Common Shares issued and outstanding.
Shareholders of the Company (other than those holding certificated shares who will be contacted by Lithium Lion directly) will automatically receive their Post-Consolidated Common Shares without any further action. Endeavor Trust Corporation will send each registered shareholder a DRS statement(s) representing the Post-Consolidation Common Shares. Shareholders who hold their shares through an intermediary are encouraged to contact their intermediaries if they have any questions.
No fractional Shares will be issued under the Consolidation as fractional Shares will be rounded either up or down to the nearest whole number of Shares. Each fractional Share remaining after conversion that is less than half of a Share will be cancelled and each fractional Share that is at least half of a Share will be changed to one whole Share. The exercise price and number of Shares issuable pursuant to the exercise of any outstanding convertible securities, including incentive stock options and warrants, will also be adjusted in accordance with the Consolidation ratio.
About Lithium Lion Metals Inc.
Lithium Lion Metals Inc. is a mineral exploration company actively involved in the exploration of the 113N Project in Bartouille and Ducros Townships in Quebec. For more information please visit: https://www.lithuimlionmetals.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
David Beck Interim Chief Executive Officer
Head Office 305-1770 Burrard St. Vancouver, British Columbia, V6J3G7
Telephone +1 (604) 416 0569
Website www.lithiumlion.ca
Email info@lithiumlion.ca
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-Looking Statements
This news release contains statements and information that, to the extent that they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, but not limited to, the statements relating to the Company's financial performance, business development and results of operations. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which are available at www.sedarplus.ca.
