Mr. Ho Sok Lim

June 30, 2017 08:30 ET

Ho Sok Lim Acquires Interest in LSC Lithium Corporation

TORONTO, ONTARIO--(Marketwired - June 30, 2017) - Mr. Ho Sok Lim announces he has acquired beneficial ownership and control over 26,022,008 common shares in aggregate (the "Common Shares") of LSC Lithium Corporation ("LSC"). LSC has its head office located at 1 Adelaide Street East, Suite 3001 Toronto, Ontario, M5C 2V9, Canada.

On June 29, 2017, LSC completed its acquisition of 100% of the shares of LitheA Inc. ("LitheA") from BMC Global Limited ("BMC"), pursuant to an option agreement dated November 23, 2016, as amended, between LitheA, LSC, BMC, its parent company and Mr. Lim (the "Option Agreement"). Pursuant to the terms of the Option Agreement, LSC satisfied payment for a portion of the purchase price of the shares of LitheA by issuing 22,909,975 Common Shares to BMC at a price of US$0.964 per share, representing consideration of US$22,085,216, or approximately CAN$29,782,968 based on an equivalent price per share of CAN$1.30 reflecting the agreed exchange rate under the Option Agreement (the "Exchange Rate"). The remaining portion of the purchase price for the shares of LitheA was payable to BMC in cash.

In addition, LSC issued 3,112,033 Common Shares to Mr. Lim at a price of US$0.964 per share, representing consideration of US$3,000,000, or approximately CAN$4,045,643 based on an equivalent price per share of CAN$1.30 reflecting the Exchange Rate, paid to satisfy part of the purchase price payable to Mr. Lim for the assignment by Mr. Lim to LSC of a loan in the amount of US$5.5 million, bearing interest at a rate of 12% per annum and owing by LitheA. The remaining portion of the purchase price for the loan was payable to Mr. Lim in cash.

BMC is a company beneficially owned and controlled by Mr. Lim. Under applicable Canadian securities laws, Mr. Lim is deemed to beneficially own securities which are held by BMC.

Prior to the acquisition of the Common Shares, Mr. Lim had direct or indirect ownership of or control over 2,849,740 warrants of LSC (each such warrant entitling BMC to purchase one common share of LSC at a price of CAN$1.50 until November 23, 2017 (the "Warrants")), representing approximately 3.2% of the outstanding common shares of LSC on a partially diluted basis (assuming exercise of the Warrants). After giving effect to the acquisition of the Common Shares and related transactions, Mr. Lim has direct or indirect ownership of or control over 26,022,008 common shares of LSC and 2,849,740 Warrants, representing approximately 22.4% of the outstanding common shares of LSC on a non-diluted basis and approximately 24.3% of the outstanding common shares of LSC on a partially diluted basis (assuming exercise of the Warrants).

Mr. Lim directly and indirectly through BMC acquired the Common Shares pursuant to the Option Agreement and will hold the Common Shares for investment purposes. Mr. Lim may take actions in the future in respect of his and BMC's holdings in LSC based on the then existing facts and circumstances, which actions could include, without limitation, acquisitions or dispositions of shares, whether in the open market, by privately negotiated agreement or otherwise.

For further information, including a copy of the corresponding early warning report filed with Canadian securities regulators, please contact Ho Sok Lim.

Contact Information

  • Ho Sok Lim
    Unit B, 11/F, Trust Tower 68
    Johnston Road, Wanchai
    Hong Kong SAR
    +852 5362 3388