Li3 Lithium Announces Appointment of Robert Metcalfe to the Board of Directors
Toronto, Canada, October 25, 2023 – Li3 Lithium Corp. (TSXV: LILI) (FSE: WD9) (“Li3 Lithium” or the “Company”) is pleased to announce the appointment of Robert Metcalfe LL.B., to the Company’s Board of Directors (the “Board”), effectively immediately.
Mr. Metcalfe was a senior partner with the law firm Lang Michener LLP for 20 years. He is the former Chief Executive Officer and President of Armadale Properties and Counsel to all Armadale Group of Companies, with significant holdings across numerous industries including finance, commercial construction, and land development. Mr. Metcalfe was a director of Canada Lands Company Ltd., one of the largest real estate corporations in Canada, and was a director and Chairman of the Board of the CN Tower Ltd.
Mr. Metcalfe also served as a director of numerous public and private corporations including Gran Colombia Gold (Lead Director), Medoro Resources (Chairman), Petro Magdalena (oil and gas) and currently serves as a director of publicly listed companies Blue Star Gold, BetterLife Pharma Ltd. (Chairman), Pasofino Gold, Orvana Minerals Corp. (Chairman) and Strategic Minerals Europe. As director and shareholder, Mr. Metcalfe has been engaged in numerous acquisitions, divestitures, corporate reorganizations and financings, as well as serving on numerous Special Committees across many sectors. He completed the Corporate Directors course and is a member in good standing of the Law Society of Ontario.
“We are pleased to welcome Robert Metcalfe to the Board of Directors of Li3 Lithium,” commented Steve Dunn, Chair of the Board of Li3 Lithium. “Robert brings exceptional legal and corporate finance expertise, proven leadership and natural resource development experience. On behalf of the entire Board, we look forward to working alongside Robert as we advance Li3 Lithium toward its goal of acquiring and developing a portfolio of hard rock spodumene lithium assets in emerging regions.”
Grant of Options
Li3 Lithium would also like to announce that its Board has approved the grant of 200,000 stock options to certain directors, officers and consultants of the Company, subject to regulatory and TSX Venture Exchange approval. The stock options have been issued with an exercise price of $0.10 per share, vest immediately, and have a 3 year term.
With Mr. Metcalfe’s appointment, the Board has accepted the resignation of Rex Loesby and wishes to thank him for his service to the Company and its shareholders.
About Li3 Lithium Corp.
Li3 Lithium is focused on acquiring and developing hard rock spodumene lithium assets in Zimbabwe and Argentina, where the founders have significant experience and relationships. As evidenced by recent market growth, hard rock lithium deposits are forecast to continue to dominate the global supply of lithium given the scarcity, complexity and capex-intensive nature of alternative brine sources.
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This news release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward- looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.