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Barisan Gold signals new direction with name change

Last updated: 09:39 09 Sep 2016 EDT, First published: 19:13 08 Sep 2016 EDT

Nevada
The company is set to acquire a lithium property in Nevada and another in Arizona

Barisan Gold Corp (CVE:BG) is to become Lithion Energy Corp, signalling its change of direction.

The company is set to become a leading lithium and technology metal exploration company, it told investors, as it released details of its new management team and updated the market on its proposed acquisition of the Railroad Valley lithium property in Nevada, and the Black Canyon lithium property in Arizona.

Darren Smith, a career geologist with a wealth of experience in the lithium and rare metals field, has been appointed as a director and as vice president of exploration, while Karen Dyczkowski has been named as chief financial offer, having previously been controller & corporate secretary of Barisan Gold and its predecessors for the past decade.

In addition to Smith, the board will be comprised of Shawn Westcott plus two independent directors: Jenna Hardy and Scott Eldridge.

Hardy is the principal of Nimbus Management Ltd, a metals and mining consultancy firm, while Eldridge is a co-founder & president of Euroscandic International Group Inc, a private company offering accounting and investment banking services to natural resource companies; she is also chief financial officer of Amarillo Gold Corp, a gold developer focused on projects in Brazil.

Keen to crack on with its new change of direction, Lithion has entered into a management services agreement with King & Bay West Management Corp (KBW), which will provide administrative, management, regulatory, legal, corporate development and capital markets services.

KBW specialises in identifying, funding, developing and managing growth opportunities in the resource and technology sectors.

The company already has Dahrouge Geological Consulting on board, it noted.

The company also announced a share consolidation that will see batches of five shares replaced by newly issued single shares, resulting in an automatic share price adjustment.

In addition, it has arranged a share placing to raise up to C$700,000 at a post-consolidation price of 10 cents per unit, with each unit comprising a common share and a purchase warrant.

The company intends to use the funds from the share issue to finance exploration on the Railroad Valley and Black Canyon properties, as well as general administrative purposes.