Ho Sok Lim: Acquisition of Units in LSC Lithium Corporation

TORONTO, Oct. 04, 2018 (GLOBE NEWSWIRE) -- On October 2, 2018, Mr. Ho Sok Lim acquired beneficial ownership and control over 6,500,000 common shares (each, a Common Share) in the capital of LSC Lithium Corporation (LSC) and 3,249,999 Common Share purchase warrants (each, a Warrant) pursuant to LSC's previously announced rights offering (the Rights Offering) and the terms of a standby purchase agreement (the Standby Agreement) entered into between BCM and LSC on August 22, 2018. Mr. Lim acquired such securities for aggregate gross proceeds to LSC of $2,600,000. The Warrants entitle the holder thereof to acquire one additional Common Share for a period of 18 months following the date of closing of the Rights Offering at an exercise price of $0.55 per Warrant. The rights issued pursuant to the Rights Offering were exercisable for units consisting of one Common Share and one half of one Warrant (each, a Unit) at $0.40 per Unit.

The Units were acquired by BMC Global Limited (BMC), a company beneficially owned by Mr. Lim. Under applicable Canadian securities laws, Mr. Lim is deemed to beneficially own securities which are held by BMC. BMC acquired 3,698,128 Units pursuant to its basic subscription privilege under the Rights Offering, and 2,801,872 Units pursuant to its additional subscription privilege under the Rights Offering.

Prior to the closing of the Rights Offering, Mr. Lim had direct or indirect ownership of or control over 26,022,008 Common Shares, representing approximately 18.27% of the Issuer's issued and outstanding Common Shares.

After giving effect to the Rights Offering, Mr. Lim has direct or indirect ownership of or control over 32,522,008 Common Shares and 3,249,999 Warrants, representing approximately 20.05% of the outstanding Common Shares on a non-diluted basis and approximately 21.62% of the outstanding Common Shares on a partially diluted basis.

Mr. Lim indirectly acquired the Units for investment purposes and may, depending on market and other conditions, increase, decrease or change its beneficial ownership over the Common Shares or Warrants of LSC through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

An early warning report (the EWR) will be filed on SEDAR and will be available for review at www.sedar.com under the Company's SEDAR profile. A copy of the EWR can be obtained from the contact below.

For further information, please contact:

Ho Sok Lim
Unit B, 11/F, Trust Tower 68
Johnston Road, Wanchai
Hong Kong SAR
+852 5362 3388