Legacy Lithium Announces Completion of the Sale of the Green Energy Project

CALGARY, Alberta, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Legacy Lithium Corp. (the "Company" or "Legacy") is pleased to announce that, further to the news release dated June 17, 2023, its wholly-owned subsidiary, Legacy Lithium (Utah) LLC (the "Subsidiary"), completed the sale of 100% of its interest in the mineral properties comprising the Green Energy Project (the "Property"), located in Grand County, Utah (the "Transaction").

The Subsidiary sold its interest in the Property to Anson Resources Limited (ASX:ASN) ("Anson") in exchange for USD$1,035,106 in cash, representing the cash purchase price for the Property and the reimbursement of certain fees and costs paid by the Subsidiary to the Bureau of Land Management in connection with the Property, and the issuance of 15,060,981 Anson common shares (the "Consideration Shares"). The Property was conveyed to A1 Lithium Inc., as Anson's designee. One-eighth (1/8) of the Consideration Shares are freely trading following closing of the Transaction ("Closing"), with the remainder of the Consideration Shares being subject to a contractual escrow arrangement whereby one-quarter (1/4) of such remaining Consideration Shares will be released from escrow every six (6) months in equal amounts after Closing.

Legacy obtained the approval of Legacy shareholders ("Legacy Shareholders") to complete the Transaction at the special meeting of Legacy Shareholders (the "Meeting") held on September 28, 2023. The Transaction was approved by approximately 99.99% of the votes cast by Legacy Shareholders, with shareholders holding 3,527,614 common shares of Legacy, or 36.5% of the outstanding common shares of Legacy, present in person or represented by proxy at the Meeting.

About Legacy Lithium Corp.

Legacy Lithium Corp. is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.

On Behalf of the Board of Directors
Jason Latkowcer
CEO & Director

Contact
Phone: (604) 294 3020
Email: [email protected]