BEARING LITHIUM CORP. Announces Settlement Agreement
Vancouver, British Columbia – TheNewswire - August 5, 2022 - (TSXV:BRZ) Bearing Lithium Corp. (the "Company" or "Bearing") reports that further to the September 29, 2021 news release announcing the Notice of Hearing, the Company is reporting that it has entered into a Settlement Agreement with the British Columbia Securities Commission (the “BCSC”).
Pursuant to the Settlement Agreement, Bearing (then known as Bearing Resources Ltd.) admits that it retained Stock Social Inc. ("SSI"), a marketing company, to conduct investor relations and that SSI disseminated advertorials and social media posts about Bearing (collectively, the “Promotional Materials”) during the period of January 2017 to February 2017 and failed to ensure such Promotional Materials disclosed they were issued on behalf of Bearing, which is a contravention of section 52(2) of the Securities Act (British Columbia) (the "Act"). Jeremy Poirier, who was the Chief Executive Officer and a director of Bearing at such time, also entered into a Settlement Agreement with the BCSC and admits that he authorized, permitted or acquiesced in Bearing's contravention of section 52(2) of the Act and therefore contravened the same provision. Bearing has paid the BCSC $25,000 in settlement of the matter and Mr. Poirier paid the BCSC $10,000 in settlement of the matter.
The Settlement Agreement can be viewed on the BCSC’s website (www.bcsc.bc.ca) by typing in 2022 BCSECCOM 293 in the search box.
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