VANCOUVER, British Columbia, July 14, 2022 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. ("LithiumBank or the "Company") (TSXV:LBNK) (OTCQX: LBNKF) is pleased to announce that the Company’s common shares have commenced trading on the OTCQX® Best Market, an over-the-counter public market in the United States, under the ticker symbol LBNKF. LithiumBank will continue to trade on the TSX Venture Exchange ("TSXV") in Canada, as its primary listing under the symbol "LBNK".
"We are pleased to begin trading on the OTCQX Market, which we believe will increase our visibility and accessibility for current and potential investors in the United States as we continue to advance our exploration and development of our Lithium projects in Western Canada. We also look forward to seeing the results of our Preliminary Economic Assessment currently underway with Hatch Ltd. on our flagship Boardwalk Project at Sturgeon Lake, Alberta in the coming quarter,” stated Rob Shewchuk, Director & CEO. “We believe that trading on OTCQX will also improve our market information, transparency, liquidity and ease of trading in the Company’s securities, and will be a benefit to all of our shareholders as we present our corporate developments at Boardwalk and other projects in our portfolio of over 3.2 Million acres over the balance of 2022 and into 2023.”
The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet prescribed financial standards, follow certain corporate governance guidelines, and demonstrate compliance with applicable securities laws. Trading on the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. Investors can find information and trading status on LithiumBank at https://www.otcmarkets.com.
LithiumBank is also pleased to announce that, subject to regulatory approval, the Company has engaged Independent Trading Group Inc. (“ITG”) to provide services as a market maker in accordance with the policies of the TSXV. ITG is expected to trade shares of the Company on the TSXV and all other trading venues with the objective of maintaining an orderly market and improving the liquidity of the Company's common shares.
ITG will not receive shares or options as compensation. However, ITG and its clients may have or may acquire a direct interest in the securities of the Company. LithiumBank and ITG are unrelated and unaffiliated entities. ITG is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and can access all Canadian stock exchanges and alternative trading systems. The capital and securities required for any trade undertaken by ITG as principal will be provided by ITG.
Pursuant to the services agreement entered into between LithiumBank and ITG (the “Agreement”), the Company shall pay ITG a fee of C$7,000.00 per month. The Agreement between the Company and ITG is for an initial term of three (3) months and shall be automatically renewed for subsequent one-month periods, unless terminated by either party upon 30 days’ written notice. There are no performance factors contained in the Agreement. ITG will be responsible for the costs it incurs in its trades and no third party will be providing funds or securities for the market making activities.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. is an exploration and development company focused on lithium-enriched brine projects in Western Canada where low-carbon-impact, rapid DLE technology can be deployed. LithiumBank currently holds over 3.2 million acres of mineral titles, 2.82M acres in Alberta and 326K acres in Saskatchewan. LithiumBank’s mineral titles are strategically positioned over known reservoirs that provide a unique combination of scale, grade and exceptional flow rates that are necessary for a large-scale direct brine lithium production. LithiumBank is advancing and de-risking several projects in parallel to the Boardwalk Lithium Brine Project.
CEO & Director
Neither the 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.
Cautionary Note Regarding Forward-Looking Statements:
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, are forward-looking statements and contain forward-looking information, including statements relating to the expected impact and benefits derived from listing the Company’s shares on the OTCQX Market, the timing and completion of the Preliminary Economic Assessment on the Boardwalk Project, the agreement with ITG and the impact thereof, and future corporate developments at the Company’s projects.
Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on certain material assumptions and analysis made by LithiumBank and the opinions and estimates of management as of the date of this press release, including management’s expectation that listing on the OTCQX Market will increase visibility and accessibility for investors located in the United States and provide benefits to shareholders of the Company by increasing market information, transparency and liquidity around the Company’s securities, that the Preliminary Economic Assessment will be completed in the coming quarter, that the Company will receive regulatory approval to enter into the agreement with ITG and the expected benefits thereof, and that the Company will provide future corporate development updates on the Company’s various projects.
These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of LithiumBank to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, the failure of listing on the OTCQX Market to increase potential investor interest in the Company’s securities, that listing on the OTCQX Market will not result in increased market information or transparency about the Company, and not result in increased liquidity and ease of trading in the Company’s shares, that the Preliminary Economic Assessment will not be completed within management’s expected timeframe, that the Company will fail to receive regulatory approval for the agreement with ITG, or that the approval will be on unfavourable terms for the Company. Although management of LithiumBank has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. LithiumBank does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.