/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW./
CALGARY,
AB, Sept. 16, 2022 /CNW/ - (TSXV: GRD) -
Grounded Lithium Corp. ("GLC" or the "Company") is
pleased to announce that in connection with the closing of its
reverse takeover (the "RTO") of VAR Resources Corp.
("VAR") on August 22, 2022,
GLC adopted VAR's equity incentive plan (the "Plan"), which
was approved by VAR's shareholders on August
18, 2022. Further details with respect to the RTO and the
Plan are available in the Company's information circular dated
June 28, 2022 which can be found
under the Company's profile on SEDAR at www.sedar.com.
The Plan provides flexibility to grant equity-based incentive
awards in the form of stock options, as well as restricted share
units, deferred share units and performance share units. The Plan
is a fixed 20% plan, allowing for a maximum of 20% of the issued
and outstanding common shares of the Company ("Shares")
after closing of the RTO to be reserved for issuance. There were
56,872,750 Shares outstanding immediately after closing the RTO,
and therefore a maximum of 11,374,550 Shares may be issued upon
exercise or settlement of all security-based compensation
arrangements of the Company. As of the date hereof, there are an
aggregate of 5,409,100 Company awards outstanding. Amendments
to the Plan must be approved by the Company's shareholders, except
for certain changes which are set out in the Plan and in accordance
with the policies of the TSX Venture Exchange (the
"TSXV").
About Grounded Lithium
Corp.
GLC is a publicly traded lithium brine exploration and
development company that controls 2.9 million tonnes of lithium
carbonate equivalent over its focused land holdings in Southwest
Saskatchewan. GLC's multi-faceted business model involves the
continuation of consolidation of its opportunity base while in
parallel, commence delineation operations of the lithium brine
potential across its current mineral rights position, all towards
the vision of building a best-in-class, environmentally
responsible, Canadian lithium producer supporting the global energy
transition shift.
Forward-Looking
Statements
This press release may contain forward-looking statements and
forward-looking information within the meaning of applicable
Canadian securities laws. The opinions, forecasts, projections and
statements about future events of results, are forward looking
information, forward-looking statements or financial outlooks
(collectively, "forward-looking statements") under the
meaning of applicable Canadian securities laws. These statements
are made as of the date of this press release and the fact that
this press release remains available does not constitute a
representation by GLC that the Company believes these
forward-looking statements continue to be true as of any subsequent
date. Although GLC believes that the assumptions underlying and
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these assumptions and
expectations will prove to be correct. Such statements include, but
are not limited to, the grant of security-based compensation under
the Plan and GLC's vision of becoming a best-in-class,
environmentally responsible, Canadian lithium producer supporting
the global energy transition shift.
Among the important factors that could cause actual results to
differ materially from those indicated by such forward-looking
statements are: GLC's expectation that its operations will be in
Western Canada, unexpected
problems can arise due to technical difficulties and operational
difficulties which impact the production, transport or sale of its
products; geographic and weather conditions can impact the
production; the risk that current global economic and credit
conditions may impact commodity prices and consumption more than
GLC currently predicts; the failure to obtain financing on
reasonable terms; the risk that unexpected delays and difficulties
in developing currently owned properties may occur; the failure of
drilling to result in commercial projects; unexpected delays due to
the limited availability of drilling equipment and personnel; and
the other risk factors detailed from time to time in GLC's periodic
reports. GLC's forward-looking statements are expressly qualified
in their entirety by this cautionary statement. GLC disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy any securities in any
jurisdiction.
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 news release.
SOURCE Grounded Lithium Corp