VANCOUVER, Jan. 29, 2020 /CNW/ - Leading Edge
Materials Corp. ("Leading Edge Materials" or the
"Company") (TSXV: LEM) (OTCQB: LEMIF)
(Nasdaq First North: LEMSE) provides a further update on the
tender process for the Bihor Sud Exploration License in
Romania.
As previously reported (see Press Releases dated 4th
October 2019 and 15th
October 2019) Leading Edge Materials,
via its 51% owned subsidiary LEM Resources SRL, submitted an
application under a competitive tender process for the Bihor Sud
Exploration License. The application was submitted to the
Agenţia Natională pentru Resurse Minerale ("NAMR"), who on
closing of the bid period, advised the Company that application
documents were compliant and a second party (the "Second Bid
Party") had tendered for the Exploration License. A
decision on the winning bid has not yet been announced.
Leading Edge Materials has been advised that the Second Bid
Party has lodged an appeal to the Bucharest Court of Appeal against
NAMR. The appeal seeks to cancel the outcome of the tender
process for the Bihor Sud Exploration License before a winner is
declared. Adjudication of the tender has been suspended until
the appeal by the Second Bid Party has been definitively
resolved.
LEM Resources SRL is receiving legal advice as to the status of
the tender. LEM Resources SRL is not a party to the appeal but may
intervene in court as an affected party. A first hearing is
scheduled for February 28, 2020.
Leading Edge Materials will advise the market as information
becomes available.
On behalf of the Board of Directors, Leading Edge
Materials Corp.
Mr. Mark
Saxon, Interim CEO
About Leading Edge Materials
Leading Edge Materials is a Canadian public company focused on
production of high value critical raw materials for the European
market. LEM's assets and research focus are towards the raw
materials for Li-ion batteries, high thermal efficiency and
materials that improve the efficiency of energy generation.
Investments are linked to the global shift to low-carbon
energy generation and energy storage.
Additional Information
The information was submitted for publication through the agency
of the contact person set out above, at January 29, 2020 at 3:00
PM Vancouver time.
Leading Edge Materials is listed on the TSXV under the symbol
"LEM" and Nasdaq First North Stockholm under the symbol
"LEMSE". Mangold Fondkommission AB is the Company's CA on
Nasdaq First North and may be contacted at +46 (0) 8 5030
1550.
Reader Advisory
This news release may contain statements which
constitute "forward-looking information", including
statements regarding the plans, intentions, beliefs and
current expectations of the Company, its directors,
or its officers with respect to the future business activities of
the Company. The words "may", "would", "could", "will", "intend",
"plan", "anticipate", "believe", "estimate", "expect" and similar
expressions, as they relate to the Company, or
its management, are intended to identify such forward-looking
statements. Investors are cautioned that any such forward-looking
statements are not guarantees of future business
activities and involve
risks and uncertainties, and
that the Company's future business activities may
differ materially from those in the
forward-looking statements as a result of various
factors, including, but not limited to,
fluctuations in market prices, successes of the operations of
the Company, continued availability of capital and financing and
general economic, market or business conditions.
There can be no assurances that such information will
prove accurate and, therefore, readers are advised to rely on their
own evaluation of such uncertainties. The Company does not
assume any obligation to update any forward-looking
information except as required under the applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this news release.
SOURCE Leading Edge Materials
