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Legacy Lithium Announces Proposed Sale of Green Energy Project

Written by Customer Service on . Posted in Mergers And Acquisitions.

CALGARY, Alberta, July 17, 2023 (GLOBE NEWSWIRE) — Legacy Lithium Corp. (the “Company” or “Legacy”) is pleased to announce that its wholly-owned subsidiary, Legacy Lithium (Utah) LLC (the “Subsidiary”) has entered into a definitive agreement to sell 100% of its interest in the mineral properties comprising the Green Energy Project, located in Grand County, Utah (the “Property”) (the “Transaction”).

The Subsidiary is selling its interest in the Green Energy Project to Anson Resources Limited (ASX:ASN) (“Anson”) in exchange for USD$1,000,000 in cash, 15,060,981 Anson common shares (the “Consideration Shares”), and reimbursement of certain fees and costs payable to the Bureau of Land Management in connection with the Property. One-eighth (1/8) of the Consideration Shares will be issued on closing of the Transaction (“Closing”), with the remainder of the Consideration shares being subject to an escrow arrangement whereby one-quarter (1/4) of such shares will be released from escrow every six (6) months after Closing.

The Transaction is subject to the approval of Legacy shareholders (“Legacy Shareholders”), to be obtained at a special meeting of Legacy Shareholders (the “Meeting”), the Australian Securities Exchange and customary closing conditions. Additional details of the Transaction will be set forth in the information circular prepared by the Company in connection with the Meeting.

About Legacy Lithium Corp.

Legacy Lithium Corp. is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.

On Behalf of the Board of Directors
Jason Latkowcer
CEO & Director

Contact
Phone: (604) 294 3020
Email: jason@legacylithiumcorp.com

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Transaction, receipt of shareholder approval of Legacy Shareholders at the Meeting, details of the Transaction to be set forth in the management information circular prepared in respect of the Meeting, receipt of Australian Securities Exchange approval and consideration to be received by Subsidiary, including, without limitation the amount of the reimbursed expenses and the timing of escrow release of the Consideration Shares. All forward-looking information is based on the Company’s current beliefs as well as various assumptions made by it and information currently available to it. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and assumptions and estimates have been made and based on or related to many of these factors. Such factors include, without limitation: general market conditions; the Company’s ability to obtain shareholder approval in respect of the Transaction; Anson’s ability to obtain Australian Securities Exchange Approval in respect of the Transaction, uncertainty with respect to the completion of the Transaction, the Company’s business activities following completion of the Transaction. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The statements in this news release are made as of the date of this release.

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