- 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 in
their same percentage. 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.
News Highlights
- 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 in the same percentage as a shareholder owned on that record
date. 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".
Technical Information
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.
Reader Advisory
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