Vancouver, British Columbia, March 25, 2024 (GLOBE NEWSWIRE) -- Forza Lithium Corp. (CSE: FZ) ("Forza" or the "Company") is pleased to announce that it has closed the acquisition of all the issued and outstanding shares of Planet Green Metals Inc. ("Planet Green") in consideration for, among other things, the issuance of 11,300,000 common shares of Forza to the shareholders of Planet Green. Further information with respect to the Planet Green acquisition may be found in the Company's news release dated January 31, 2024. The shares are subject to a statutory hold period of four months plus one day and are further subject to the voluntary escrow provisions set out in the January 31, 2024 news release.
In conjunction with the completion of the Planet Green acquisition, Jeremy S. Brett, M.Sc., P.Geo., and Robert Turgeon, CPA, have been appointed to the Board of Directors and Michele Pillon and Bruce MacLachlan have resigned from the Board. The Company thanks Ms. Pillon and Mr. MacLachlan for their services to the Company. Robert Coltura and Nicholas Coltura will continue to serve as Directors of the Company.
Mr. Brett replaces Mr. Coltura as the Company's President and CEO and Mr. Turgeon replaces Ms. Pillon as the Company's CFO.
The Company will change its name to Planet Green Metals Inc. in the near future.
About Forza Lithium Corp.
Forza Lithium is a Canadian exploration company with focused expertise on the acquisition, exploration and development of highly prospective lithium properties in North America. The flagship project, the Jeanette Lithium Property, consists of 4 claims comprising 1,820 hectares and lies 105 km east of the mining community of Red Lake, Ontario. The Company's strong management team is committed to maximizing shareholder value through new mineral discoveries located in favourable jurisdictions through its strategically located properties.
ON BEHALF OF THE BOARD OF DIRECTORS,
Robert Coltura
?President and CEO
?Forza Lithium Corp.
?info@forzalithium.com
?Tel: (604-290-6152)
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include, but are not limited to, statements regarding the completion of the Transaction on the terms and conditions expressed, the expected timing of closing, receipt of the shareholder, regulatory and third party approvals required for the Transaction, the expected benefits of the Transaction, information concerning the Property, its prospects and the favorable regulatory environment, near by communities, operating conditions and infrastructure, Planet Green's option to acquire 100% of the interest in the Property, the Company's expectations in planning an exploration program on the Property and the Company's business plans inidentifying, acquiring and unlocking value in mineral opportunities in Canada and other low-risk jurisdictions. Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that the Company and Planet Green will be able to complete the Transaction on the terms and within the time frame expected; that Planet Green will be able to obtain shareholder approval for the Transaction; that the Company will be able to obtain any necessary third party and regulatory approvals required for the Transaction; if completed, that the Transaction will provide the expected benefits to the Company, Planet Green and the shareholders of both companies; that Planet Green will be able to maintain the Harrison Road Lithium Option Agreement in good standing; and that the completion of the Transaction will not be adversely impacted by COVID-19 or the ongoing conflict in Eastern Europe.There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information contained in this news release, including: adverse market conditions, general economic, market or business risks, unanticipated costs, the failure of Planet Green and the Company to complete the Transaction on the terms and conditions and within the timeframe expected, the failure of Planet Green to obtain shareholder approval for the Transaction, the Company's failure to obtain any necessary approvals for the Transaction, the failure of Planet Green to maintain the Harrison Road Lithium Option Agreement in good standing, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, risks relating to the extent and duration of COVID-19 and its impact on Planet Green and the Company and other factors beyond the control of the Company, including those other risks more fully described in the Company's annual and quarterly management's discussion and analysis and other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedarplus.ca. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on such statements. Accordingly, the forward-looking statements contained in this news release are made as of the date hereof and, unless required by applicable law, the Company assumes no obligation to update any forward-looking statements.
