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TIMOTHY JOHNSTON DISCLOSES OWNERSHIP OF SECURITIES OF LI-METAL CORP. FOLLOWING COMPLETION OF RTO

·2 min read

TORONTO, Oct. 25, 2021 (GLOBE NEWSWIRE) -- On October 25, 2021, 2555663 Ontario Limited (“Li-Metal”) completed a reverse take over (the “RTO”) of Eurotin Inc. (“Eurotin”), pursuant to the terms of the amalgamation agreement, as amended on October 8, 2021 (the “Amalgamation Agreement”) between Eurotin, Li-Metal and 2848302 Ontario Inc., a wholly owned subsidiary of Eurotin (“Eurotin Subco”). Upon the completion of the RTO, Eurotin (following the RTO, the “Resulting Issuer”), changed its name to Li-Metal Corp.

Upon the completion of the RTO, Timothy Johnston (“Mr. Johnston”), a director of the Resulting Issuer, acquired beneficial ownership both directly and by control or direction through Keperra Holdings Limited (an entity to which Mr. Johnston is the sole shareholder) over 3,132,965 common shares in the capital of the Resulting Issuer (the “Common Shares”). In addition, Mr. Johnston acquired beneficial ownership, control or direction over 281,073 options of the Resulting Issuer to purchase Common Shares (“Options”), and 565,565 warrants of Resulting Issuer to purchase Common Shares (“Warrants”). The aggregate Common Shares, Options and Warrants over which Mr. Johnston acquired beneficial ownership, control or direction representing approximately 14.20% of the issued and outstanding Common Shares on an as-converted and partially diluted basis.

Prior to the to the closing of the RTO, Mr. Johnston did not own or control any Common Shares, Options or Warrants.

Mr. Johnston intends to vote in favour of increasing the number of directors on the board, in order to ensure that the board has a diverse range of skills and expertise.

In accordance with applicable securities laws, Mr. Johnston may, from time to time and at any time, acquire additional Common Shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of the Resulting Issuer in the open market or otherwise, and Mr. Johnston reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Resulting Issuer and other relevant factors.

The Resulting Issuer is located at 90 Riviera Drive, Markham, Ontario, L3R 5M1. Mr. Johnston is located at 306-21 Lawren Harris Square, Toronto ON Canada M5A 1H7. A copy of the early warning report to which this news release relates will be available on the SEDAR profile of the Resulting Issuer at www.sedar.com.

CONTACT: For more information, please contact: Li-Metal Corp. Maciej Jastrzebski, CEO & Director Email: mj@li-metal.com


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