TUCSON, Ariz., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Pan American Lithium Corp. (TSX-V:PL) (Pink Sheets:PALTF) ("Pan American"), www.panamericanlithium.com, is pleased to announce that its Registration Statement on Form F-1, originally filed on June 3, 2010 as amended and filed on January 5, 2011, was declared effective by the United States Securities and Exchange Commission (the "SEC") on January 25, 2011. Pan American anticipates shortly registering its common shares under the Securities and Exchange Act of 1934 (the "1934 Act") by filing a Form 8-A. After the anticipated filing of the Form 8-A, Pan American will voluntarily become subject to the reporting obligations under the 1934 Act, in addition to its reporting obligations in Canada.
Pan American anticipates that its common shares will become quoted on the OTCQB™ in the near future. Pan American's common shares are currently quoted on the Pink Sheets. Pan American's U.S. stock ticker symbol will remain "PALTF" following this upgrade and shareholders are not required to take any action as a result. Pan American is also listed on the TSX Venture Exchange under the symbol "PL".
Once quoted on the OTCQB, investors should be able to view real time stock quotes for PALTF for free at http://www.otcmarkets.com and many other sites within the United States broker-dealer community. Operated by Pink OTC Markets, Inc., an OTCQB designation is for companies that are registered and current in their reporting with the SEC.
"As a company quoted on the OTCQB, our plan is to file periodic reports with the SEC consistent with the highest standard of disclosure," said Andrew Brodkey, President and Chief Executive Officer of Pan American. "Our upgrade to the OTCQB helps distinguish that we are now subject to the reporting obligations under the 1934 Act. We anticipate that this should make trading our shares easier and more efficient for U.S. investors."
Additional details on Pan American, including the Registration Statement on Form F-1 and Prospectus, are available on EDGAR (www.sec.gov/edgar.shtml). Other Canadian disclosure documents are available on SEDAR (www.sedar.com).
About Pan American:
Pan American has rights in nine lithium-bearing salars in Chile's Atacama Region III covering cumulatively more than 13,000 hectares, including the Laguna Verde surface brine lake. Pan American also has an option to acquire an indirect interest in the Cierro Prieto geothermal lithium brine project in Baja California Norte, Mexico.
On Behalf of the Board
PAN AMERICAN LITHIUM CORP.
| /s/ Andrew Brodkey |
| Andrew A. Brodkey |
| President and CEO |
| Tel: (520) 623-3090 |
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Pan American, such as the statements that: (i) Pan American anticipates that it will upgrade its listing to the OTCQB in the near future; (ii) Pan American anticipates that listing on the OTCQB will make it easier and more efficient for U.S. investors to trade Pan American's common share; (iii) Pan American anticipates immediately filing a Form 8-A.. There are numerous risks and uncertainties that could cause actual results and Pan American's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) Pan American's inability to become quoted on the OTCQB for any reason; (ii) it may not be easier for U.S. investors to trade their common shares of Pan American; (iii) Pan American may not remain current in its reporting obligations with the SEC; and (iv) Pan American's inability to file a Form 8-A for any reason. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Pan American does not intend to update these forward-looking statements.
Neither 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.