- Name changed and trading symbol change to occur December 20, 2017;
- Lithium Chile 100% focussed on lithium, exploring potential spin out of copper-gold property portfolio
TSX Venture Exchange: "KRS"
CALGARY, Dec. 19, 2017 /CNW/ - Kairos Capital Corporation ("Kairos" or the "Company") is pleased to announce that its shareholders approved a name change to "Lithium Chile Inc." at the Company's annual meeting held on December 11, 2017. The name change has been implemented and effective at the market opening on December 20, 2017 the Company's common shares will trade under the new symbol "LITH".
In addition, to further reflect the Company's specialization in lithium the Board of Directors is exploring a potential "spin out" of the Company's significant copper-gold property portfolio into a separate company to be owned by the shareholders of the Company. The intent of such an arrangement is to leave the Company 100% focussed on its significant lithium property portfolio with the newly formed company 100% focused on the significant copper/gold property portfolio. Further details of a "spin out" transaction will be announced if and when the structure and timing of such a transaction is finalized.
The Company is also pleased to highlight the fact that Sebastian Pinera – Chile's centre-right presidential candidate – was elected on Sunday, December 17, 2017, to a four-year term as President of Chile. The Company considers this to be a very positive change for the mining industry in Chile.
- Name Change: The Company filed amendments to its articles changing its name to Lithium Chile Inc.
- Trading Symbol Change: Commencing with the market opening on Wednesday, December 20, 2017, the common shares of Lithium Chile Inc. will trade on the TSX Venture Exchange under the new symbol of "LITH".
- Copper-Gold Asset Spin Out: The Board of Directors has approved investigating the split of Kairos' two distinct property portfolios via a potential spin out of the Company's considerable copper-gold property portfolio into a separate public company with its own dedicated management team. The new company is expected to be owned by Kairos shareholders as at the record date of the spin out. Such a transaction, if completed, will enable Kairos shareholders to benefit from exploration and development efforts on both the lithium property portfolio and the copper-gold property portfolio that currently reside within Kairos.
- New Pro-mining Chilean President: The Chilean people have elected Sebastian Pinera – the centre-right, pro-mining candidate – to a four-year term as president.
Steve Cochrane, President and CEO of Kairos commented, "Changing the Company's name to Lithium Chile Inc. (TSX-V:LITH) better reflects the focus we are placing on our impressive and highly-prospective portfolio of lithium projects in Chile. As we also have an exciting copper-gold property portfolio, the Board of Directors has approved exploring the potential spin out of those copper-gold assets into a separate company, delivering the best value for our shareholders. It is the board's and management's opinion that these distinct and highly prospective property portfolios in copper and gold on the one hand and lithium on the other would be better exploited in their own distinct vehicles with their own distinct and focused management teams. We are also delighted by the recent election of Sebastian Pinera as President of Chile, who is a very strong supporter of the mining sector in Chile."
About Kairos Capital (TSX-V:KRS)
Kairos Capital is advancing a lithium property portfolio consisting of 134,200 hectares on fifteen salars in Chile. The Kairos properties include 56 square kilometres on the Salar de Atacama which hosts the world's highest concentration lithium brine production plants and is currently the source of about 30% of the world's lithium production. Sampling conducted by Kairos to date has yielded Lithium assay results from surface and near surface brines of up to 1410 mg/l, 1330 and 1280 mg/l on 3 of its 15 properties – concentrations that approach the production grades from the Salar de Atacama (see Kairos Press Releases dated January 23 2017 and December 6 2017).
Kairos also owns a significant copper/gold/silver property portfolio consisting of 266 square kilometers over 6 different properties located in Chile. Kairos has been conducting preliminary exploration work which included surface sampling, geological mapping, geochemistry and IP geophysical surveys as well as recent drilling on one of these properties.
Until December 20, 2017, Kairos's common shares are listed on the TSX Venture Exchange under the symbol "KRS".
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of the Company by Terence Walker, P. Geo. Chief Geologist and Vice President of Exploration for Kairos, a qualified person.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements
This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. In particular, this news release contains forward-looking statements relating to, among other things, exploring the potential spin out of the Company's copper-gold assets, management of the Company's views regarding its properties and the ability of the Company to conduct exploration on its properties.
You are cautioned that the following list of material factors and assumptions is not exhaustive. Specific material factors and assumptions include, but are not limited to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; and the success the Company will have in exploring its prospects and the results from such prospects. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
SOURCE Kairos Capital Corporation
For further information: Kairos Capital Corporation, #900, 903 - 8th Ave SW, Calgary, Alberta T2P 0P7, 587 393 5801, [email protected]