Medaro Mining proposes Spin-Out of Global Lithium Extraction Technologies

Medaro Mining Corp. of Vancouver has announced its intention to spin-out its interest in Global Lithium Extraction Technologies Inc. (GLET) into a newly created entity named SpinCo.

SpinCo would seek an independent listing on the Canadian Securities Exchange.

As a result of the Spin-Out, SpinCo would be entirely focused on the development and commercialization of GLET’s lithium extraction technology and the company would be entirely focused on its Quebec and Saskatchewan lithium and uranium exploration projects.

It is anticipated that the Spin-Out would be carried out by way of statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia).

“We believe the spin-out of the GLET, Hardrock Lithium Extraction Technology (HLT) will be very beneficial to shareholders,” says Michael Mulberry, CEO of Medaro Mining Corp.

Medaro’s Michael Mulberry.

“The spin-out of the technology assets from Medaro will unlock the value of the HLT by allowing it to be developed separately, by a skilled and experienced management team, and it will allow our shareholders to own shares in two companies.

“Post spin out, Medaro will dedicate efforts towards its suite of lithium exploration assets with a focus on the Quebec properties which are all in close proximity to each other and have similar geology.”

Further details of the Spin-Out will be announced in the near future. Shareholders are cautioned that the final details of the Spin-Out are still to be determined and there is no certainty that the Spin-Out will be completed on the terms currently proposed or at all.