Grounded Lithium Corp completed the acquisition of VAR Resources Corp. in a reverse merger transaction.
Completion of the transaction is subject to a number of conditions precedent, including but not limited to, the satisfaction or waiver of closing conditions customary to transactions of the nature of the transaction, completion of the private placement, obtaining all requisite corporate approvals, approval of the transaction by the shareholders of VAR and Grounded, consummation of due diligence, each of the Board Reconstitution and the Management Reconstitution, approvals of all regulatory bodies having jurisdiction in connection with the transaction and the final approval of the TSXV, including the satisfaction of its initial listing requirements. As of June 28, 2022, VAR Resources has received conditional approval from the TSX Venture Exchange. The transaction is expected to close during the second quarter of 2022.
Virgil Hlus of Clark Wilson LLP acted as legal advisor to VAR while Brian Bidyk of McCarthy Tétrault LLP acted as legal advisor to Grounded. Odyssey Trust Company acted as transfer agent to VAR.
Grounded Lithium Corp (GLC) completed the acquisition of VAR Resources Corp. (TSXV:VAR) in a reverse merger transaction on August 22, 2022. GLC shareholders approved the transaction at shareholder meeting on August 16, 2022. VAR held its shareholder meeting on August 18, 2022, where VAR's shareholders approved matters ancillary to the Transaction. And as a result, all closing conditions of the Transaction have been satisfied or waived and necessary filings have been submitted pursuant to corporate law, except for final acceptance by the TSX Venture Exchange. Trading of GLC's common shares on the TSXV is expected to commence on August 25, 2022 under the trading symbol GRD and the Company will be listed as a Tier 2 Mining Issuer. As of August 29, 2022, all conditions of the transaction have been satisfied or waived and necessary filings have been submitted pursuant to corporate law. Following completion of the transaction, the Directors and officers are: Gregg Smith President and Chief Executive Officer, Director; John Wright Director; Dave Antony Director; Mark McMurray Director; Greg Phaneuf Vice President Finance and Chief Financial Officer, Director; Dale Shipman Vice President Operations; Geoff Speers Vice President Exploration; Wayne Gaskin Vice President Geosciences & IT; and Brian Bidyk Corporate Secretary.