VANCOUVER, July 11, 2017 /CNW/ - Lithium X Energy Corp. (the "Company"(TSXV: LIX) (OTCQX: LIXXF)) is pleased to announce that further to its news release of June 29th, 2017, the Company has closed the definitive agreement with Aberdeen International Inc. ("Aberdeen") for the purchase of Aberdeen's remaining 50% interest in Potasio y Litio de Argentina S.A. ("PLASA") which controls 100% of the Sal de los Angeles Project (the "Acquisition").
Under the Acquisition, the Company has acquired Aberdeen's remaining 50% interest in the Sal de los Angeles Project by paying to Aberdeen $5 million in cash and issuing 6 million common shares of the Company (the "Lithium X Shares"). All Lithium X Shares issued to Aberdeen are subject to a 4-month hold period expiring on November 11, 2017 under applicable securities laws, with Aberdeen agreeing to a further 6-month hold period (for a total hold period of 10 months, expiring May 10, 2018) in respect of 3 million of the Lithium X Shares issued on closing.
In connection with the closing of the Acquisition, the Company and Aberdeen terminated their existing shareholders' agreement regarding the project company, PLASA, which is now a wholly-owned subsidiary of Lithium X.
The Company also announces the resignation of Aberdeen's nominee directors, Patrick Gleeson and Joseph Carrabba, from the board of directors, and thanks them for their contributions.
ABOUT LITHIUM X ENERGY CORP.
Lithium X Energy Corp. is a lithium exploration and development company with a goal of becoming a low-cost supplier for the burgeoning lithium battery industry. The Company holds two projects in in the prolific "Lithium Triangle" in mining friendly Salta province, Argentina as well as participating in the Clayton Valley in Nevada through its ownership interest in Pure Energy Metals Limited ("Pure Energy"). The Company's wholy owned flagship project is the Sal de los Angeles lithium brine project. The project consists of 8,154 hectares covering 95% of Salar de Diablillos, and has an NI 43-101 mineral resource estimate of 1.037 million tonnes of lithium carbonate equivalent in the indicated category and 1.007 million tonnes of lithium carbonate equivalent in the inferred category. The Company's second Argentinian project, the Arizaro lithium brine project, consists of 33,846 hectares covering part of the western and eastern portions of the Salar de Azario, one of the largest known salt lakes in the world. In Nevada, the Company consolidated its Clayton Valley holdings with those held by Pure Energy, in the process becoming Pure Energy's largest shareholder, holding 19.99% of Pure Energy's outstanding common shares and share purchase warrants that, if exercised immediately, would increase its ownership interest to 22.5%. Pure Energy's combined holdings in Clayton Valley consist of more than 10,500 hectares (approximately 26,300 acres).
For additional information about Lithium X Energy Corp., please visit the Company's website at www.lithium-x.com or review the Company's documents filed on www.sedar.com. Join the Company's email list at http://lithium-x.com/subscribe.
ON BEHALF OF THE BOARD OF DIRECTORS
Neither the 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 news release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Such information includes, but is not limited to the use of proceeds from the Offering. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, including the business of the Company, the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, and delay, inability to complete a financing or failure to receive regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Lithium X Energy Corp.
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