Beyond Lithium Announces Completion of Amendments to Property Option Agreements and Debt Settlement Transactions and Provides Update on Private Placement
Summary
December 2, 2024 Beyond Lithium Inc (the Company or Beyond Lithium) (CSE:BY) (OTCQB: BYDMF) is pleased to announce that, further to the proposed transactions announced in its news release dated October 1, 2024, it has now entered into definitive agreements with: (i) Bounty Gold Corp. and Last Resort Resources Ltd. (collectively, the Optionors) to amend the terms of its existing property option agreements with the Optionors (the Amendments); and (ii) certain creditors of the Company pursuant to which the Company agreed to issue to the creditors, and the creditors agreed to accept, an aggregate of 6,802,227 common shares of the Company at a deemed price of $0.05 per share and 2,807,603 common share purchase warrants (the Warrants) in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of $340,111.36 (the Debt Settlement). The remaining optioned properties under the terms of the Companys property option agreements with the Optionors, as amended, are the Ear Falls, Cosgrave, Laval, Gullwing-Tot, Satellite, Webb East, and Webb West properties.Allan Frame, President and CEO of Beyond Lithium commented: With the completion of the Amendments and the Debt Settlement, we can now turn our attention to diversifying our property portfolio by adding projects within the critical mineral space such as copper.The Company is further pleased to announce that it expects to complete the proposed non-brokered private placement of up to 10,000,000 units of the Company at a price of $0.05 per unit for aggregate gross proceeds of up to $500,000 (the Offering), previously announced on October 1, 2024, at the end of December.All securities to be issued under the Amendments, the Debt Settlement, and the Offering will be subject to a hold period that will expiry on May 1, 2025.The offered securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Companys projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Companys projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking information. Often, but not always, forward-looking information can be identified by words such as pro forma, plans, expects, will, may, should, budget, scheduled, estimates, forecasts, intends, anticipates, believes, potential or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In stating the forward-looking information in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Companys properties, the availability of financing on suitable terms, and the Companys ability to comply with environmental, health and safety laws.Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the statements of forward-looking information.