South American Lithium Ltd. entered into a letter of intent to acquire Pursuit Gold Corp. (CNSX:PUGS) in a reverse merger transaction for CAD 20 million on February 12, 2023. South American Lithium Ltd. entered into a definitive amalgamation agreement to acquire Pursuit Gold Corp. in a reverse merger transaction on July 14, 2023. Under the terms of the letter of intent, each common share in the capital of South American Lithium outstanding at closing of the proposed transaction will be exchanged for common shares in the capital of Pursuit on the basis of one Pursuit Share for each one outstanding South American Lithium Share. Upon completion of the Proposed Transaction, it is anticipated that existing shareholders of the Company will hold approximately 30.7% of the outstanding authorized share structure of the Resulting Issuer on an undiluted basis and the former holders of South American Lithium Common Shares will hold approximately 69.3%. Upon completion of the transaction, the Resulting Issuer will change its name to ?South American Lithium Corp.? or such other similar name as the parties may agree. The board of directors of the resulting issuer will consist of five directors, three of whom are to be nominees of South American Lithium and two of whom are to be nominees of Pursuit. Upon completion of the Proposed Transaction, it is proposed that the following individuals will form the board of directors and executive team of the Resulting Issuer: Dustin Nanos ? Chief Executive Officer and Director; Christina Blacker ? Chief Financial Officer and Corporate Secretary; Ken Booth ? Director; Jose de Castro - Director; Michelle DeCecco ? Director; and Richard Rosner - Director.

Completion of the transaction would be subject to the satisfaction of various customary conditions precedent, including without limitation: (i) the receipt of all necessary shareholder, board, court and regulatory consents and approvals; (ii) completion of due diligence investigations by each party to its satisfaction; (iii) completion of private placement by South American Lithium for gross proceeds of a minimum of CAD 1,200,000; (iv) Pursuit shareholders approval; (v) conditional approval of the listing of the Resulting Issuer Shares on the CSE. The closing of the transaction is expected to occur in late Q2 or early Q3, 2023. As of May 21, 2024, Pursuant to the Amalgamation, former shareholders of SALi received an aggregate of 34,503,325 common shares of the Company in exchange for their common shares of SALi shares on a one-for-one basis and all outstanding SALi warrants and incentive options became exercisable into Resulting Issuer Shares in accordance with their terms. Concurrent with completion of the Amalgamation, Pursuit Gold Corp. changed its name to SALi Lithium Corp. The Amalgamation was subject to a number of conditions, which were met prior to its implementation, including approval of the shareholders of the Company.

South American Lithium Ltd. completed the acquisition of Pursuit Gold Corp. (CNSX:PUGS) in a reverse merger transaction on May 17, 2024.