Vancouver, British Columbia, September 12, 2023 – Lithium One Metals Inc. (“Lithium One”) (TSXV: LONE; OTCQB: LOMEF; FSE: H490) and Norris Lithium Inc. (“Norris Lithium”) (CSE: CHCK) (together, the “Companies”) are pleased to provide an update on the status of Lithium One’s proposed business combination with Norris Lithium pursuant to a court-approved plan of arrangement (the “Transaction”) under the Business Corporations Act (British Columbia), as previously announced in the joint news release of the Companies dated June 19, 2023.

Norris Lithium has obtained an interim order from the Supreme Court of British Columbia dated August 11, 2023, which provides for, among other things, the holding of a special meeting of the Norris Lithium shareholders to consider and approve the Transaction (the “Meeting”). The Meeting is scheduled to be held on September 19, 2023 at 10:00 a.m. (Vancouver time).

Norris Lithium has mailed a management information circular dated August 11, 2023 (the “Circular”), together with related meeting materials for the Meeting, to the Norris Lithium shareholders entitled to vote at the Meeting and a copy of the Circular has been filed on the SEDAR+ profile of Norris Lithium at www.sedarplus.ca.

In addition to Norris Lithium shareholder approval, the Transaction is subject to final court approval and the satisfaction of certain other customary closing conditions for transactions of this nature. If the Transaction is approved at the Meeting and all other conditions have been met, it is expected that the Transaction will be completed in late September 2023.

Certain directors and officers of Lithium One (the “Participating Insiders”) hold an aggregate of 1,706,000 common shares of Norris Lithium and one of the Participating Insiders serves as an officer of Norris Lithium, and as a result, the Transaction may be considered a “related party transaction” for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”).

Lithium One is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the subject matter of, nor the fair market value of the consideration for, the Transaction, insofar as it involves the Participating Insiders, does not exceed 25% of the market capitalization of Lithium One, as determined in accordance with MI 61-101. Norris Lithium has determined that the transaction does not constitute a “business combination” for the purposes of MI 61-101 and therefore not subject to formal valuation and minority shareholder approval requirements on the basis that no collateral benefits are to be received by the directors or officers of Norris Lithium as a result of the completion of the transaction.

Merger of Lithium One and Norris Lithium Approved by Court
Vancouver, British Columbia--(Newsfile Corp. - September 22, 2023) - Norris Lithium Inc. (CSE: CHCK) ("Norris Lithium") is pleased to report that the Supreme Court of British Columbia has approved the previously announced plan of arrangement ("Arrangement") between Norris and Lithium One Metals Inc. (TSXV: LONE) (FSE: H490) ("Lithium One") as described in the joint news release of Norris Lithium and Lithium One dated June 19, 2023 as to the business combination of Norris Lithium and Lithium One pursuant to the Arrangement (the "Transaction"), which was approved by the shareholders of Norris on September 19, 2023.

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