Leading Edge Materials Corp. provides a further update on the tender process for the Bihor Sud Exploration License in Romania.
Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV:LEM, OTCQB:LEMIF, Nasdaq First North:LEMSE) provides a further update on the tender process for the Bihor Sud Exploration License in Romania.
As previously reported (see Press Releases dated 4th October 2019 and 15th October 2019) Leading Edge Materials, via its 51% owned subsidiary LEM Resources SRL, submitted an application under a competitive tender process for the Bihor Sud Exploration License. The application was submitted to the Agenţia Natională pentru Resurse Minerale (“NAMR”), who on closing of the bid period, advised the Company that application documents were compliant and a second party (the “Second Bid Party”) had tendered for the Exploration License. A decision on the winning bid has not yet been announced.
Leading Edge Materials has been advised that the Second Bid Party has lodged an appeal to the Bucharest Court of Appeal against NAMR. The appeal seeks to cancel the outcome of the tender process for the Bihor Sud Exploration License before a winner is declared. Adjudication of the tender has been suspended until the appeal by the Second Bid Party has been definitively resolved.
LEM Resources SRL is receiving legal advice as to the status of the tender. LEM Resources SRL is not a party to the appeal but may intervene in court as an affected party. A first hearing is scheduled for February 28, 2020.
Leading Edge Materials will advise the market as information becomes available.
On behalf of the Board of Directors, Leading Edge Materials Corp.
Mr. Mark Saxon, Interim CEO
About Leading Edge Materials
Leading Edge Materials is a Canadian public company focused on production of high value critical raw materials for the European market. LEM’s assets and research focus are towards the raw materials for Li-ion batteries, high thermal efficiency and materials that improve the efficiency of energy generation. Investments are linked to the global shift to low-carbon energy generation and energy storage.
The information was submitted for publication through the agency of the contact person set out above, at January 29, 2020 at 3:00 PM Vancouver time.
Leading Edge Materials is listed on the TSXV under the symbol “LEM” and Nasdaq First North Stockholm under the symbol “LEMSE”. Mangold Fondkommission AB is the Company’s CA on Nasdaq First North and may be contacted at +46 (0) 8 5030 1550.
This news release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
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