VANCOUVER, April 18, 2017 /CNW/ - Lithium X Energy Corp. (TSXV: LIX) (OTCQB: LIXXF) ("the Company") has appointed Bassam Moubarak, CPA, CA as Chief Financial Officer. In this role, he will help spearhead the Company's financial reporting and regulatory compliance, as well as corporate development activities. Mr. Moubarak brings extensive operational experience in the mining industry, both domestically and internationally with a focus on South America and particularly Argentina.
Mr. Moubarak is a Chartered Professional Accountant who has held senior executive positions for various mining companies for over 10 years including most recently Goldrock Mines Corp. where he played a key role in its sale to Fortuna Silver Mines Inc. for $180 million. He was Chief Financial Officer of Petaquilla Minerals Ltd. where he was instrumental in raising in excess of $120 million to develop and bring into production the Molejon Gold Mine. He also played a key role in the sale of Petaquilla Copper Ltd. to Inmet Mining Corporation for $400 million and negotiated the sale of Golden Arrow Resources Corporation's 1% net smelter royalty on Gualcamayo Gold Mine to Premier Royalty Inc. for $17.75 million. Mr. Moubarak also previously held the position of senior manager with Deloitte & Touche LLP., where he led audits of public companies and oversaw SOX 404 implementations with specific emphasis on the mining industry.
Commenting on the appointment, Mr. Matysek said, "Bassam Moubarak brings important strategic, financial and organizational experience at a critical time for Lithium X. Over the next year our operating team is focusing its efforts on de-risking our flagship Sal de Los Angeles project located in, Salta, Argentina. We are all looking forward to working with Bassam and reproducing the shareholder value appreciation obtained with his tenure at Goldrock Mines."
The appointment of Mr. Moubarak follows the resignation of Mr. Daniel Kriznic as Chief Financial Officer.
Mr. Kriznic will remain as an advisor to the Company while pursuing his other business interests. The Company would like to thank Mr. Daniel Kriznic for his efforts in the growth of Lithium X.
The Company further announces an aggregate grant of 1,645,000 stock options to certain directors, officers and consultants of the Company exercisable at $1.90, expiring 5 years from the date of grant, subject to regulatory approval.
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 properties in Salta, Argentina and Nevada, USA. The Company's flagship project Sal de los Angeles lithium brine project as well as the Arizaro Lithium Brine Project are located in the prolific "Lithium Triangle" in mining friendly Salta province, Argentina. Lithium X owns 50%, and has the option to acquire up to 80% of the Sal de los Angeles lithium brine project. Lithium X's Arizaro project consists of 33,846 hectares located in one of the world's largest salars thought to contain elevated lithium brine values. Lithium X is also exploring a large land package in Nevada's Clayton Valley, contiguous to the only producing lithium operation in North America – Silver Peak, owned and operated by Albemarle, the world's largest lithium producer. Lithium X is listed on the TSXV under the trading symbol LIX.
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.
For further information: Brian Paes-Braga, President and CEO, Director, Tel: 604-609-6113, Email: [email protected]; Investor Relations: Timothy McKenna, Toll Free (Canada & US): 1-888-760-5498, US: +1-732-331-6457, Email: [email protected]