Pan American Settles Debt and Strengthens Balance Sheet
October 11 2011 - 1:21PM
Pan American Lithium Corp. (TSX-V:PL)
(OTCBB:PALTF) (OTCQB:PALTF)
("Pan American" or the
"Company") is pleased to announce that the Company has
entered into debt settlement agreements with Gareste Limitada, Pro
Business Trust, and Boulder Design LLC to settle outstanding debt
in the amount of US$200,395.29 (the "Debt"). The Debt was incurred
by the Company under a Consulting and Professional Services
Agreement with each of Pro Business Trust and Boulder Design LLC,
and an Operator Agreement with Sociedad Gareste Limitada. Under the
terms of the debt settlement agreements, the Company will satisfy
the Debt with the issuance of 1,335,768 common shares of the
Company at a deemed issuance price of $0.15 per common share. These
shares for debt transactions are subject to the approval of the TSX
Venture Exchange.
Furthermore, the Company announced that it has issued 350,082
common shares under a Consulting and Professional Services
Agreement (the "Agreement") with Pro Business Trust (the
"Consultant") dated November 22, 2010. The Consultant provided
services and expenditures for a Chilean exploration program at
several of the Company's brine projects in the Atacama Region III.
The Company satisfied US$41,631 of expenditure incurred under the
Agreement at a price of $0.12 per common share. The securities
issued to the Consultant are subject to a hold period expiring on
February 12, 2012.
About Pan American:
In total, the Company has rights in eleven lithium and
potash-bearing brine projects in Chile's Atacama Region III
covering cumulatively more than 20,000 hectares. The Company also
has an option to acquire an indirect interest in the Cierro Prieto
geothermal lithium brine project in Baja California Norte, Mexico.
The Laguna Verde surface brine lake project is the most advanced of
the Company's portfolio of 11 lithium and potassium bearing brines
projects in Chile.
On Behalf of the Board, |
PAN AMERICAN LITHIUM CORP. |
/s/ Andrew Brodkey |
Andrew A. Brodkey |
President and CEO |
Neither 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 release.
CONTACT: Jodi Henderson
Corporate Secretary
Tel: (520)989-0032
jhenderson@kriyah.com
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