POSCO Canada Ltd.

September 15, 2011 14:22 ET

POSCO Canada Ltd.: News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2011) - POSCO announces pursuant to National Instrument 62-103 that on September 14, 2011, it acquired, through its wholly-owned subsidiary POSCO Canada Ltd., 10,522,090 common shares of Pan American Lithium Corp. ("PALC") in a non-brokered private placement for aggregate consideration of CDN$1,431,004.24 or CDN$0.136 per common share. The common shares purchased by POSCO represent approximately 19.87% of the 52,943,510 issued and outstanding common shares of PALC.

POSCO's acquisition was made for investment purposes. POSCO may, in the future, acquire ownership and control over additional securities of PALC, dispose of securities of PALC or continue to hold its current position.

While POSCO Canada Ltd. owns more than 10% of the issued and outstanding common shares in the capital of PALC, it has contractual rights to: (a) nominate one director to the board of directors of PALC, and (b) purchase its pro rata share of any new securities offered by PALC. In addition, during such time period, PALC will be obligated to obtain the prior approval of POSCO Canada Ltd. for certain corporate actions.

A copy of the early warning report relating to this transaction is available at: www.sedar.com

Contact Information

  • For more information or to obtain a copy of the
    related early warning report, please contact:
    POSCO: Posco Center, 892 Daechi4-dong
    Gangnam-gu, Seoul, 135-777, Korea
    Tel: +82 2-3457-0114
    Fax: +82 2-3457-6000