VANCOUVER, BD / ACCESS Newswire / May 19, 2026 / Lithium South Development Corporation (the "Company" or "Lithium South") (TSX-V:LIS)(OTCQB:LISMF)(Frankfurt:OGPQ).
In a press release on May 11, 2026, the Company provided additional information regarding the closing date (the "Closing Date") of the Company's previously announced Plan of Arrangement (the "Plan of Arrangement"), and that funds had been received to complete the Plan of Arrangement. Prior to the close of business on the same day, the British Columbia Securities Commission issued a cease trade order (the "CTO") against the Company effective May 11, 2026, as the Company has been unable to file its audited annual financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2025 (the "Required Filings"). As a result of the CTO, the TSX Venture Exchange (the "Exchange") suspended trading in the Company's securities on May 12, 2026. As a result of this suspension, the Company is unable to close the Plan of Arrangement on the date previously announced.
The failure to file the Required Filings was due to receiving certain foreign documents late to complete the 2025 audit. Those documents have since been received and management is diligently working to resolve the CTO and anticipates filing the Required Filings in the immediate future.
The Closing Date for the Plan of Arrangement has been rescheduled to on or about May 22, 2026, subject to the CTO being lifted.
On behalf of the Board of Directors
Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders call 855-415-8100 / website: www.lithiumsouth.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "plans," "postulate," and similar expressions, or are those which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements regarding management's beliefs, plans, estimates, and intentions; the expected Closing Date, the expected filing of the Required Filings and revocation of the CTO, the expected receipt of required regulatory approvals. These forward-looking statements are made as of the date of this press release and, although the Company believes such statements are reasonable, there can be no assurance that expectations and assumptions will prove to be correct. Forward-looking statements are not guarantees of future results or performance and are subject to risks, uncertainties, assumptions, and other factors that could cause actual results or outcomes to differ materially from those expressed or implied, including, but not limited to: the possibility that the Going Private Arrangement will not be completed on the terms or timing currently contemplated, or at all; failure to satisfy closing conditions; the negative impact of a failed transaction on the price of the Company's shares or business; failure to realize expected benefits of the transactions; restrictions imposed on the Company while the transactions are pending; significant transaction costs or unknown liabilities; diversion of management's attention from ongoing business operations; and other risks and uncertainties affecting the Company, including those relating to permitting, capital expenditures, exploration and development activity. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. The securities referred to in this press release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. Further information concerning risks, assumptions, and uncertainties associated with forward-looking statements and the Company's business can be found in the Company's Management Discussion & Analysis for the nine months ended September 30, 2025, and in subsequent filings available under the Company's profile on SEDAR+ (www.sedarplus.ca).
SOURCE: Lithium South Development Corp.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/lithium-south-re-schedules-plan-of-arrangement-closing-as-a-result-of-cease-trade-1168244
