CALGARY, Alberta, Dec. 27, 2023 (GLOBE NEWSWIRE) -- FMS Lithium Corporation (“FMS”) would like to announce an update to its beneficial ownership of Pan American Energy Corp. (“PAN”) pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”). As previously announced by PAN on September 28, 2022, PAN and FMS entered into a property option agreement (the “Option Agreement”) pursuant to which PAN was granted the right to acquire a 100% interest in the Horizon Lithium Property (the “Property”) located in the Big Smoky and Monte Cristo Basins of Esmeralda County, Nevada. In connection with the milestone payments payable under the Option Agreement, FMS, through its indirectly held wholly owned subsidiary Horizon Lithium LLC (“Horizon”), acquired 8,486,715 common shares (the “Common Shares”) of PAN on December 14, 2023 (the “Issuance”) at a deemed price per Common Share of $0.48 for an aggregate value of $4,068,300.
Prior to the Issuance, FMS held or exercised control of, through Horizon, 3,012,174 Common Shares representing 4.5% of PAN’s issued and outstanding Common Shares on an undiluted basis. Following the Issuance, FMS held or exercised control of, through Horizon, 11,498,889 Common Shares, representing 15.1% of PAN’s issued and outstanding Common Shares on an undiluted basis.
All securities of PAN held by FMS (through Horizon) are held for investment purposes. In the future, FMS (directly or indirectly), may acquire and/or dispose of securities of PAN through the market, privately or otherwise, as circumstances or market conditions may warrant. The Common Shares are listed for trading on the Canadian Securities Exchange under the symbol “PNRG”. PAN is located at #610, 505 3 Street SW Calgary, AB T2P 3E6.
This news release is issued pursuant to NI 62-103, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report of FMS will be available under PAN’s profile on SEDAR+ (www.sedarplus.ca).
For further information or to receive a copy of the early warning report, please contact:
FMS Lithium Corporation
Suite 210, 241 Ridge Street Reno, Nevada 89501 USA
Attn: Shanthar Pathmanathan
T: +61 418232825
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
