Toronto, Ontario–(Newsfile Corp. – November 14, 2023) – IberAmerican Lithium Corp. (NEO: IBER) (“IBER” or the “Company“) announced today that it has filed its unaudited condensed interim consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the three and nine month periods ended September 30, 2023. These documents can be found on its website at www.iberamericanlithium.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca. All financial figures contained herein are expressed in Canadian dollars unless otherwise noted.
Significant milestones were achieved during the three months ended September 30, 2023 (the “Quarter“), including the following:
On August 24, 2023, the Company’s wholly owned subsidiary, IberAmerican Lithium Inc., completed a concurrent best-efforts private placement of 36,450,488 subscription receipts (“IBER Subscription Receipts“) at a price of $0.25 per IBER Subscription Receipt (the “Concurrent Financing“) for aggregate gross proceeds of $9,112,622. And on September 1, 2023, the Company announced the completion of its previously announced reverse takeover transaction (the “RTO Transaction“) with IberAmerican Lithium Inc.
On September 28, 2023, the Company acquired, for $1.0 million, from Strategic Minerals Europe Corp., the remaining 30% interest in the investigation permit No 5186 and the application for investigation permit No 5191 related to the Alberta II and Carlota lithium projects, respectively, located in Spain (the “Lithium Projects“). With this acquisition, IBER holds 100% of the rights to the Lithium Projects.
Upon receipt of the permits that will allow for commencement of an exploration program, IBER will initially focus on a diamond drilling program beginning in late Q4 of 2023 of approximately 40- 50 holes in the northern section of the Alberta II permit area, focusing on the spodumene and specifically expanding the drilling previously performed on the permit area in 2012 in order to gain more information about the mineralization. The Company will also be undertaking an extensive geological sampling program in the south section of Alberta II.
The Company reported a net loss for the Quarter of $3.5 million ($0.04 per share) and $4.1 million ($0.07 per share) for the nine months ended September 30, 2023. As at September 30, 2023, the Company had cash and cash equivalents of approximately $4.4 million and no debt.
The Company remains sufficiently financed to carry out the initial phase of its Alberta II exploration program during the first half of 2024 where it anticipates it will greatly expand its understanding of the extent of lithium hard rock mineral reserves potential towards a defined exploitation program.
About IberAmerican Lithium Corp.
IberAmerican Lithium is a hard-rock lithium exploration company focused on advancing its 100% owned Alberta II & Carlota Properties located in the Galicia region of northwestern Spain.
IberAmerican Lithium’s properties are located in a favorable lithium district with world class infrastructure and a supportive and proactive mining jurisdiction.
Additional information on IberAmerican Lithium is available at www.iberamericanlithium.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of IberAmerican to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in IberAmerican’s Filing Statement dated August 31, 2023, which is available to view on SEDAR+ at www.sedarplus.ca. These risks include but are not limited to, the risks associated with the mining and exploration industry, such as operational risks in development or capital expenditures, the uncertainty of projections relating to production, and any delays or changes in plans with respect to the exploitation of the site. Forward-looking statements contained herein are made as of the date of this press release, and IberAmerican disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Further Information
For further information regarding the Continuance, please contact:
IberAmerican Lithium Corp.
Campbell Becher – CEO
inquiries@ialithium.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187394
