Barisan Gold Corp starts new life as Lithion Energy Corp

Exploration firm Barisan Gold Corporation (CVE:BG) is now called Lithion Energy Corp (CVE:LNC) and its shares start trading under that name today on the venture exchange.

The common shares of Barisan Gold Corp will be delisted, it said in a brief regulatory statement.

The firm has consolidated its capital on a 1:5 basis.

• READ – Barisan Gold set to acquire prime lithium properties and complete consolidation and fundraise

As reported yesterday (May 1) the firm told investors it would on May 2 complete its acquisition of two prime lithium properties from operator DG Resource Management.

It will also complete the previously announced 1:5 share consolidation, and a $750,000 private placing to fund exploration there.

The Railroad Valley lithium property consists of 199 placer claims across 9,835 acres which together could make up a substantial lithium brine deposit analogous to the ones in nearby Clayton Valley in Nevada.

The second project is the Black Canyon lithium property in Arizona which covers a lithium clay exploration target adjacent to an existing clay mine centred around the Lyles Hectorite deposit.

The placing sees the group issue 7.5 million units, on a postconsolidated basis, at 10 cents each for gross proceeds of $750,000.

Story by ProactiveInvestors