LIFT Provides Update on Timetable for Combination Transaction With Winsome Resources
Rhea-AI Summary
LIFT (OTCQX: LIFFF) outlined the updated timetable for its combination with Winsome Resources under approved Share and Option Schemes. The Supreme Court of Western Australia approved both schemes on May 11, 2026. The schemes are expected to become legally effective on May 12 and be implemented around May 21, 2026.
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Positive
- Supreme Court of Western Australia approved Share and Option Schemes on May 11, 2026
- Implementation of schemes to complete Winsome acquisition expected on or around May 21, 2026
- Winsome shares and options to be exchanged for new LIFT shares and LIFT CDIs quoted on ASX
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- All dates are indicative and subject to remaining conditions precedent under the Scheme Implementation Deed
- Winsome shares to be suspended from ASX trading at close on May 12, 2026
VANCOUVER, British Columbia, May 11, 2026 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) further to its press release dated May 5, 2026, is pleased to provide an update on the anticipated timetable in respect of the proposed combination transaction with Winsome Resources Limited (ASX: WR1; “Winsome”), pursuant to which LIFT will acquire all of the outstanding Winsome shares under a share scheme of arrangement (“Share Scheme”) and all of the outstanding Winsome options under a related option scheme of arrangement (“Option Scheme” and together, the “Schemes”), in exchange for the issue of new LIFT shares and LIFT CDIs, with the LIFT CDIs to be quoted on the Australian Securities Exchange.
On May 11, 2026, the Supreme Court of Western Australia (“Court”) made orders approving the Share Scheme and the Option Scheme. LIFT understands Winsome intends to lodge an office copy of the orders made by the Court with the Australian Securities and Investments Commission (“ASIC”) on Tuesday May 12, 2026, at which time the Schemes will become legally effective. Implementation of the Schemes to complete the acquisition of Winsome is expected to occur on or around May 21, 2026.
The anticipated timeline is set out in the table below:
| Date (Perth, Australia Time) | Event |
| May 12, 2026 | Effective Date. Court Order lodged with ASIC and announced to ASX. Winsome Shares suspended from trading on ASX at close of trading. |
| May 14, 2026 | Record Date in respect of the Schemes. For determining entitlements to Share Scheme Consideration and Option Scheme Consideration. |
| May 21, 2026 | Implementation Date. Scheme Shares transferred to LIFT and Share Scheme Consideration issued to the eligible Scheme Shareholders. Scheme Options cancelled and Option Scheme Consideration issued to the Scheme Optionholders. |
All dates are indicative only and are subject to, among other things, the satisfaction (or, where applicable, waiver) of the remaining conditions precedent under the Scheme Implementation Deed entered into by LIFT and Winsome on December 15, 2025. For further details and for any changes to the above timetable, please refer to Winsome’s communications.
Capitalised terms used but not defined in this announcement have the meaning given to them in the Scheme Booklet.
About LIFT
LIFT is a mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects located in Canada. The Company’s flagship project is the Yellowknife Lithium Project located in Northwest Territories, Canada. LIFT also holds three early-stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried lithium pegmatites, as well as the Cali Project in Northwest Territories within the Little Nahanni Pegmatite Group.
For further information, please contact:
| Francis MacDonald Chief Executive Officer Tel: + 1.604.609.6185 Email: investors@li-ft.com Website: www.li-ft.com | Daniel Gordon Investor Relations Manager Tel: +1.604.609.6185 Email: investors@li-ft.com |
Cautionary Statement Regarding Forward-Looking Information
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or Winsome. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. The forward-looking statements in this press release relate to, among other things, the satisfaction or waiver of the conditions precedent for the completion of the contemplated combination transaction with Winsome (the “Winsome Transaction”) and the remaining related steps for the completion of the Winsome Transaction, including the timing thereof. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matters described in this press release.
Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this press release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. There is no certainty that the Winsome Transaction and related steps will be completed, whether on the timeline presently contemplated or at all.
Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's latest annual information form dated April 27, 2026, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no 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. We caution investors not to place reliance on the forward-looking statements contained in this press release.
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 press release.
