Salares Lithium Inc
			Symbol			LIT
			Shares Issued			31,655,461
			Close			n/a
			Recent Sedar Documents

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Salares Lithium to earn 70% of Salares 7 project

2009-11-26 11:28 ET - News Release

Mr. Todd Hilditch reports

SALARES LITHIUM INC. EXECUTES FINAL AGREEMENT AND COMPLETES CHANGE OF BUSINESS AND REACTIVATION

Salares Lithium Inc., formerly P2P Health Systems Inc., has executed a definitive option agreement on the Salares 7 lithium project in Region III, Chile, in conjunction with the TSX Venture Exchange acceptance for filing of the company's change of business and reactivation. The definitive agreement replaces and supersedes the letter agreement dated May 22, 2009 (see Stockwatch), as amended, pursuant to which the company was granted the option to acquire up to 70 per cent in the share capital of Salares de Atacama Sociedad Contractual Minera, a private Chilean company and the 100-per-cent owner of the Salares 7 project. Details of the terms of the option are set out in the company's information circular dated Oct. 9, 2009.

Deemed exercise of subscription receipts

Having received TSX-V final acceptance to the change of business and having entered into the definitive agreement, the company has satisfied the conditions under the terms of the subscription receipt indenture between the company and Computershare Trust Co. of Canada, for the release from escrow of the gross proceeds of $1.5-million raised under the company's private placement of 18.75 million subscription receipts (see Stockwatch Sept. 22, 2009). As a result, effective Nov. 26, 2009, the subscription receipts are deemed exercised, for no additional consideration, into an aggregate of 9,375,000 common shares (on a postconsolidated basis) and 9,375,000 common share purchase warrants (on a postconsolidated basis) exercisable to purchase up to 9,375,000 common shares at price of 32 cents per common share until Nov. 26, 2012. Certificates representing the shares and warrants will be mailed to holders of subscription receipts on or before Tuesday, Dec. 1, 2009.

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