LEXI PROVIDES UPDATE ON ARENA ENFORCEMENT ACTION
/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, BC, May 13, 2025 /CNW/ - Lithium Energi Exploration Inc. (TSXV: LEXI) (the "Company" or "LEXI") is providing an update on Arena Investors LP's enforcement action.
As noted in the Company's news release dated May 8, 2025, Arena Investors LP ("Arena") has provided the Company with a notice pursuant to Section 61 of the Personal Property Securities Act (British Columbia) (the "Enforcement Action") that Arena seeks to seize all of the Company's property secured under the applicable security documents in full and final satisfaction for payment of the $7,000,000 in principal, and all associated interest, outstanding pursuant to the secured credit agreement entered into between the Company and Arena dated February 1, 2023, as amended (the "Credit Agreement").
So as to facilitate an orderly conclusion of the Enforcement Action, the Company has agreed to not object to the Enforcement Action with respect to the foreclosure on the issued and outstanding shares in Lithium Energi Argentina S.A. in full satisfaction of all amounts owing under the Credit Agreement (the "Foreclosure"). After the completion of the Foreclosure, the Company will retain a limited cash balance, and be fully and finally released from all claims which Arena, or its assigns, have in connection with the Credit Agreement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
In addition, LEXI wishes to advise that Rebecca Paisley has resigned as a director of the Company.
About Lithium Energi Exploration Inc.Lithium Energi Exploration Inc. was historically an exploration company focused on the acquisition, exploration, and development of lithium brine assets in Argentina.
ON BEHALF OF THE BOARD OF DIRECTORS
"Ali Rahman"
Ali Rahman,Chief Executive Officer and Director
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.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, including in relation to the Foreclosure are forward- looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the ability of the Company to repay the Loan; and objections to the Foreclosure. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Lithium Energi Exploration Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2025/13/c3845.html
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(in thousands, except par value and share amounts) December 31, 2024 (unaudited) ASSETS Cash and cash equivalents $ 450 $ 277 Restricted cash 110 126 Prepaid expenses and other assets, net 359 267 Pension asset 463 2,802 Accounts receivable, net — 146 Right-of-use asset — 109 Total assets $ 1,382 $ 3,727 LIABILITIES Steel Promissory Note payable $ 1,008 $ — Accounts payable and accrued expenses 374 454 Accrued professional fees 183 954 Lease liability — 118 Total liabilities 1,565 1,526 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding at March 31, 2025 and December 31, 2024 — — Preferred stock, $0.01 par value; 2 shares authorized; no shares issued and outstanding at March 31, 2025 and December 31, 2024 — — Special stock, $0.01 par value; 1 share authorized, issued and outstanding at March 31, 2025 and December 31, 2024 — — Common stock, $0.01 par value; 79,999,997 shares authorized; 73,447,413 and 72,487,481 shares issued at March 31, 2025, and December 31, 2024, respectively; 66,247,266 and 65,314,726 shares outstanding at March 31, 2025, and December 31, 2024, respectively 735 725 Additional paid-in capital 150,713 150,183 Treasury stock (7,200,147 and 7,172,755 shares at March 31, 2025, and December 31, 2024, respectively) (57,678 ) (57,676 ) Accumulated other comprehensive loss — (729 ) Accumulated deficit (93,953 ) (90,302 ) Total stockholders' equity (183 ) 2,201 Total liabilities and stockholders' equity $ 1,382 $ 3,727 Expand TRINITY PLACE HOLDINGS INC. AND COMPREHENSIVE INCOME (LOSS) (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2025 2024 Revenues Rental revenues $ — $ 798 Other income 239 120 Sales of residential condominium units — 1,439 Total revenues 239 2,357 Operating expenses Property operating expenses 24 415 Real estate taxes — 365 General and administrative 983 1,106 Pension related costs — 130 Cost of sales - residential condominium units — 1,437 Depreciation and amortization 1 762 Total operating expenses 1,008 4,215 Operating loss (769 ) (1,858 ) Non-cash pension settlement expense and estimated excise tax on plan asset reversion (3,068 ) — Gain on contribution to joint venture — 20,976 Equity in net loss from unconsolidated joint ventures — (6,754 ) Interest expense, net (8 ) (3,883 ) Interest expense - amortization of deferred finance costs — (334 ) (Loss) income before taxes $ (3,845 ) $ 8,147 Income tax benefit (expense) 194 (86 ) Net (loss) income attributable to common stockholders $ (3,651 ) $ 8,061 Other comprehensive (loss) income: Reclassification of loss on pension settlement 729 — Unrealized gain on pension liability — 120 Comprehensive (loss) income attributable to common stockholders $ (2,922 ) $ 8,181 (Loss) income per common unit - basic and diluted $ (0.06 ) $ 0.15 Weighted average common shares outstanding - basic and diluted 66,269 52,856 Expand TRINITY PLACE HOLDINGS INC. (in thousands) (unaudited) Common Stock Additional Paid-In Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Amount Shares Amount Balance at December 31, 2024 72,487 $ 725 $ 150,183 (7,173 ) $ (57,676 ) $ (90,302 ) $ (729 ) $ 2,201 Net income attributable to common stockholders — — — — — (3,651 ) — (3,651 ) Settlement of stock awards 960 10 537 (27 ) (2 ) — — 545 Other comprehensive loss — — — — — — 729 729 Stock-based compensation — — (7 ) — — — — (7 ) Balance at March 31, 2025 73,447 $ 735 $ 150,713 (7,200 ) $ (57,678 ) $ (93,953 ) $ — $ (183 ) Expand Common Stock Additional Paid-In Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Amount Shares Amount Balance at December 31, 2023 44,965 $ 450 $ 145,301 (6,766 ) $ (57,637 ) $ (95,905 ) $ (2,257 ) $ (10,048 ) Net income attributable to common stockholders — — — — — 8,061 — 8,061 Sale of common stock 25,112 251 4,235 — — — — 4,486 Settlement of stock awards 659 7 — (177 ) (28 ) — — (21 ) Other comprehensive income — — — — — — 120 120 Stock-based compensation — — 60 — — — — 60 Balance at March 31, 2024 70,736 $ 708 $ 149,596 (6,943 ) $ (57,665 ) $ (87,844 ) $ (2,137 ) $ 2,658 Expand TRINITY PLACE HOLDINGS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net (loss) income attributable to common stockholders $ (3,651 ) $ 8,061 Adjustments to reconcile net (loss) income attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 1 1,096 Other non-cash adjustment - paid-in-kind interest — 1,466 Settlement of stock awards and stock-based compensation expense 530 60 Gain on contribution to joint venture — (20,976 ) Deferred rents receivable — 12 Non-cash pension settlement expense 2,605 — Other non-cash adjustments - pension expense — 120 Equity in net loss from unconsolidated joint ventures — 6,754 Net change in operating assets and liabilities: Residential condominium units for sale — 2,201 Receivables 146 (173 ) Prepaid expenses and other assets, net 479 60 Accounts payable and accrued expenses (961 ) (3,135 ) Net cash used in operating activities (851 ) (4,454 ) Cash flows from investing activities: Transfer of restricted cash — (6,904 ) Net cash used in investing activities — (6,904 ) Cash flows from financing activities: Proceeds from loans and corporate credit facility — 2,526 Proceeds from Steel Promissory Note 1,000 — Settlement of stock awards 8 (21 ) Sale of common stock, net — 4,486 Net cash provided by financing activities 1,008 6,991 Net increase (decrease) in cash and cash equivalents and restricted cash 157 (4,367 ) Cash and cash equivalents and restricted cash, beginning of period 403 8,345 Cash and cash equivalents and restricted cash, end of period $ 560 $ 3,978 Cash and cash equivalents, beginning of period 277 264 Restricted cash, beginning of period 126 8,081 Cash and cash equivalents and restricted cash, beginning of period $ 403 $ 8,345 Cash and cash equivalents, end of period 450 285 Restricted cash, end of period 110 3,693 Cash and cash equivalents and restricted cash, end of period $ 560 $ 3,978 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ — $ 915 Cash paid during the period for taxes $ 12 $ 117 Supplemental disclosure of non-cash investing and financing activities: Transfer of real estate and condominium assets $ — $ 244,477 Transfer of loans, credit facility and line of credit $ — $ (251,325 ) Transfer of operating assets and liabilities, net $ — $ (14,797 ) Expand
