Edison Lithium Corp (EDDY)

[Everything-EV]

Edison Lithium Provides Update on Spin-Out of Cobalt Assets March 27th, 2023.

Vancouver, British Columbia--(Newsfile Corp. - March 28, 2023) - Edison Lithium Corp. (TSXV: EDDY) (OTCQB: EDDYF) (FSE: VV00) ("Edison" or the "Company") further to the Company's news release dated May 19, 2022, the Company is pleased to provide an update regarding the proposed spinout of its cobalt assets in northeastern Ontario, referred to as the Kittson Cobalt Property (the "Spin-Out"), into a newly incorporated subsidiary ("SpinCo"). The Company will continue to hold its interest in the Antofalla Salar and Pipanaco Salar lithium projects in Argentina.

t is proposed that the Spin-Out will be carried out by way of statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia). Common shares of SpinCo (the "SpinCo Shares") will now be distributed to shareholders of Edison on the basis of one SpinCo Share for every eight common shares of Edison held. There will be no change in Edison shareholders' holdings in the Company as a result of the Spin-Out. If the Spin-Out is completed, shareholders will own shares in both companies, Edison and SpinCo.