VANCOUVER, Nov. 8, 2017 /CNW/ - Lithium X Energy Corp. ("Lithium X" or the "Company") (TSXV: LIX) (OTCQX: LIXXF) is pleased to announce that it has closed its previously announced agreements with Borax Argentina S.A. ("Borax") and South American Salars S.A.("SAS") and their parent company, Orocobre Limited ("Orocobre"), collectively (the "Orocobre Agreements"). (Refer to news release of October 4, 2017.)
The Orocobre Agreements involved the acquisition of 2,700 hectares of claims from Borax Argentina S.A. ("Borax") replacing the usufruct Lithium rights previously held by the Company over the Borax claims and an agreement to acquire a further 700 hectares currently owned by South American Salars S.A. ("SAS") for a total consideration of 650,000 common shares of Lithium X (the "Lithium X Shares"), USD $1,000,000 and a 1% Net Revenue Royalty (NRR) over the SDLA project. The Lithium X Shares are subject to a 4-month hold period expiring on March 8, 2018 under applicable securities laws.
ABOUT LITHIUM X ENERGY CORP.
Lithium X 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 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 Minerals Limited.
For additional information about Lithium X, please visit the Company's website at www.lithium-x.com or review the Company's documents filed on SEDAR at www.sedar.com. Join the Company's email list at http://lithium-x.com/subscribe.
ON BEHALF OF THE BOARD OF DIRECTORS
LITHIUM X ENERGY CORP.
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 including the use of proceeds 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. 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]