NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, Jan. 09, 2018 (GLOBE NEWSWIRE) -- PetroCorp Group Inc. ("PetroCorp" or the "Company"), is pleased to announce that it has entered into a letter of intent dated January 8, 2018 (the "LOI") relating to the acquisition of First Lithium Minerals Inc. ("First Lithium"), a private corporation existing under the laws of the Province of Ontario (the "Transaction"). The Transaction will be effected through an exchange of securities with all of the securityholders of First Lithium (the "Transaction"). The principal business carried on by First Lithium is the exploration and development of various lithium projects in Chile, including the Pintados Lithium Project.

The LOI includes:

• PetroCorp will acquire all of the issued securities of First Lithium. The intent of the parties being that all common shares of First Lithium prior to the closing of the Transaction will be exchanged for common shares of PetroCorp on the basis of one PetroCorp share for each First Lithium share, following a consolidation of the common shares of PetroCorp on a one (1) new common share for 82 old share basis (the "Consolidation"). First Lithium currently has 73,050,334 shares outstanding with no warrants or options. The Company will issue 73,050,334 common shares to the shareholders of First Lithium, representing approximately 91.3% of the issued and outstanding common shares of the Company after completion of the Transaction and the Consolidation. The Company currently has 574,126,529 shares outstanding with no warrants or options.
• PetroCorp will change its corporate name to First Lithium Minerals Corp. and continue from Alberta to Ontario.

About PetroCorp Group Inc. The Company is incorporated in Alberta and does not currently have any ongoing operations and has no material assets other than cash. Except for statements of historical fact, all statements in this press release, including, but not limited to, statements regarding future plans, objectives and payments are forward-looking statements that involve various risks and uncertainties.

For more information about PetroCorp, please contact:

"Andrew Lindzon"
Andrew Lindzon, Director
Phone: 1 (647) 388-3095
Email: andrew@ashlin.ca 

Completion of the Transaction is subject to a number of conditions. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.

FORWARD LOOKING INFORMATION This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the Transaction and its completion. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. While the Company may elect to, it does not undertake to update this information at any particular time.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.