09:13:58 EDT Fri 12 Jul 2024
Enter Symbol
or Name

Login ID:
IberAmerican Lithium Corp
Symbol IBER
Shares Issued 109,500,488
Close 2024-04-29 C$ 0.175
Market Cap C$ 19,162,585
Recent Sedar Documents

IberAmerican to resume production Penouta

2024-04-29 09:41 ET - News Release

Mr. Campbell Becher reports


IberAmerican Lithium Corp. has provided an update on the previously announced proposed business combination with Strategic Minerals Europe Corp. as well as other business.

Planned resumption of production at Penouta project

Upon completion of the proposed transaction, the company intends to resume production at Strategic Minerals' flagship property, the Penouta project. The Penouta project is located in the northwestern Spanish province of Ourense, where, prior to the provisional suspension of production on Oct. 16, 2023, by the Superior Court of Xustiza of Galicia (the TSXG), it produced tin, tantalum, cassiterite concentrate and columbite concentrate. In compliance with the TSXG suspension, production will commence in Section B, with the exploitation of tailings and waste deposits expected to generate immediate cash flow, while the company awaits the TSXG appeal verdict with respect to the provisional suspension. The decision is expected to be released by the end of May, 2024, or early June, 2024. After completion of the proposed transaction, the company is committed to implementing crucial capital improvements to optimize production efficiencies within the expansive hard-rock resource located in Section C so that the company may restart its exploitation as soon as possible after the lifting of the provisional suspension.

Campbell Becher, chief executive officer of IberAmerican, said: "Upon completion of the proposed transaction, we intend to promptly resume production in Section B, generating immediate cash flow. Concurrently, we are dedicated to executing essential capital investments to bolster production efficiencies, laying the groundwork for the reactivation of operations in the expansive Penouta resource within Section C later this year. As we approach the finalization of the proposed transaction, we are assembling a talented team of technical and marketing experts. Our goal is to harness the full potential of this remarkable green earth resource and extract maximum value for our stakeholders."

Engagement of Spark Newswire

The company has entered into a consulting and capital market advisory services agreement with Spark Newswire. Pursuant to the Spark agreement, Spark has agreed to provide certain investor relations, consulting and advisory services, which include, among other things: (i) social media brand awareness campaigns; (ii) content and communication strategy; and (iii) technical market analysis services. In consideration for the services, the company has agreed to pay a cash fee of $250,000 (U.S.). The Spark agreement has an initial term of three months, subject to extension by mutual agreement.

Proposed name change to IberAmerican Resources Inc.

The company's board of directors has authorized a short form vertical amalgamation with its wholly owned subsidiary, IberAmerican Resources, pursuant to the Business Corporations Act (Ontario). In connection with the amalgamation, the company intends to change its name from IberAmerican Lithium Corp. to IberAmerican Resources Inc. The company expects to complete the amalgamation (including the name change) in due course and in any event prior to completing the proposed transaction.

In connection with the name change, it is anticipated that trading of the company's common shares will continue on Cboe Canada Inc. under the ticker symbol IBER and on the OTCQB under the ticker symbol IBRLF. The name change is subject to regulatory approval, including that of the exchange. Securityholders of the company will not need to take any action as a result of the name change.

About IberAmerican Lithium Corp.

IberAmerican Lithium is a hard-rock lithium exploration company focused on advancing its 100-per-cent-owned Alberta II and Carlota properties located in the Galicia region of northwestern Spain. IberAmerican Lithium's properties are located in a favourable lithium district with world-class infrastructure and a supportive and pro-active mining jurisdiction.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.