Pan American Lithium Corp. Updates Status of Letter of Intent with POSCO for Potential Private Placement
February 10 2010 - 2:19PM
Marketwired
Pan American Lithium Corp. ("PAL") (TSX VENTURE: PL) is pleased to
provide the following update relating to a potential private
placement by POSCO in PAL (the "Investment").
On January 13, 2010, the Company announced that it had entered
into a non-binding letter of Intent ("LOI") with POSCO, whereby an
amount of up to CDN$5 million may be invested by POSCO in the
Company. The LOI provided that POSCO will undertake and complete
technical due diligence on the Company and its projects within 30
days from January 4, 2010 (the "Effective Date"), and complete all
other due diligence and obtain management approvals for the
Investment within 60 days of the Effective Date.
POSCO is currently engaged in and has not yet completed its
technical due diligence on the Investment. Accordingly, POSCO and
PAL have agreed to extend the date to April 15, 2010, by which all
legal and technical due diligence by POSCO will be completed, and
all management and other approvals will be secured by POSCO should
it determine to make the Investment.
All other terms of the LOI remain unchanged.
Conditions of Closing
Closing of the Investment is subject to certain conditions
including: (a) completion of POSCO's satisfactory due diligence
review of PAL and its projects; (b) receipt of all necessary
regulatory and exchange approvals; and (c) receipt of all necessary
internal, management and Board approvals.
About POSCO
POSCO is a privately held Korean conglomerate, first established
in 1967, with a focus on the production and sale of steel and steel
products, both domestically in Korea and internationally. POSCO is
the fourth largest steel producer in the world. In 2008 POSCO
produced over 33 million tons of crude steel, had revenues of over
CDN$28 billion and net profits of over $CDN4 billion.
Resignation of Director
The Company also announces that Chris Dyakowski resigned as a
director of the Company on January 25, 2010. The Company is seeking
a qualified replacement to fill the vacancy on the board created by
the resignation of Mr. Dyakowski. The Company thanks him for his
efforts and wishes him well on his future endeavours.
On Behalf of the Board,
PAN AMERICAN LITHIUM CORP.
Andrew A. Brodkey, President and CEO
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance of the Company such as the statement that the private
placement may occur. There are numerous risks and uncertainties
that could cause actual results and the Company's plans and
objectives to differ materially from those expressed in the
forward-looking information, including the (i) satisfactory due
diligence of PAL and its properties by POSCO; (ii) inability to
obtain Exchange approval, internal approval, and close the
financing for any reason; (iii) adverse market conditions; (iv) a
decrease in demand for and price of lithium; and (v) general
uncertainties with respect to mineral exploration in general.
Actual results and future events could differ materially from those
anticipated in such information. These and all subsequent written
and oral forward-looking information are based on estimates and
opinions of management on the dates they are made and are expressly
qualified in their entirety by this notice.
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED
STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND MAY NOT BE
OFFERED OR SOLD WITHIN THE UNITED STATES OR TO "U.S. PERSONS", AS
SUCH TERM IS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT,
UNLESS AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS
AVAILABLE.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Pan American Lithium Corp. Andrew A. Brodkey
520-623-3090
First Potash Corporation (TSXV:PL)
Historical Stock Chart
From May 2024 to Jun 2024
First Potash Corporation (TSXV:PL)
Historical Stock Chart
From Jun 2023 to Jun 2024