Release Conditions for Renard Option Satisfied
VANCOUVER, British Columbia, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“ LIFT ” or the “ Company ”) ( TSXV: LIFT ) (ASX: LFT) ( OTCQX: LIFFF ) ( Frankfurt: WS0 ) is pleased to announce, further to the Company’s news releases dated June 24, 2026 and July 14, 2026, that authorization has been received from the Ministère des Ressources naturelles et des Forêts (“ MRNF ”) for the postponement of rehabilitation and restoration work at the Renard mining site until June 23, 2028. The MRNF authorization was the sole remaining condition for the release of a C$12 million fee in cash (the “ Option Fee ”) paid pursuant to the binding call option agreement dated June 23, 2026 (the “ Option Agreement ”) with Stornoway Diamonds (Canada) Inc. (“ Stornoway ”), 11272420 Canada Inc. (“ 1127 Canada ”) and Deloitte Restructuring Inc. (the “Monitor” ), in its capacity as monitor in the CCAA Proceedings (as defined below). The Monitor will now release the Option Fee to secured creditors in accordance with the order issued by the Superior Court of Québec (the “ Court ”) which approved the Option Agreement.