VANCOUVER, Feb 6, 2018 /CNW/ - Lithium X Energy Corp. ("Lithium X" or the "Company") (TSXV: LIX) (OTC: LIXXF) is pleased to announce that securityholders have approved the Company's previously announced plan of arrangement (the "Arrangement") with NextView New Energy Lion Hong Kong Limited ("NextView") at the Special Meeting of shareholders and warrantholders held today.
Under the Arrangement, NextView will acquire all of the issued and outstanding common shares ("Shares") and common share purchase warrants ("Warrants") of Lithium X for cash consideration of $2.61 per Share and $0.01 per Warrant.
At the Meeting, the special resolution approving the Arrangement was approved by 98.27% of the votes cast by shareholders present in person or by proxy. In addition, the Arrangement was approved by 98.30% of the votes cast by shareholders and warrantholders present in person or by proxy (voting together as a single class). Finally, as required by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, the Arrangement was approved by more than a simple majority of the votes cast by shareholders at the Meeting, excluding the votes cast by interested persons excluded from voting in accordance with MI 61-101.
"As the final days of Lithium X draw nearer, I'm reminded of Michael Jordan who on reflection of his five NBA crowns quoted 'Talent wins games, but teamwork and intelligence wins championships.' I would like to take this moment to thank the Lithium X team and board of directors who tirelessly championed the acquisition, development and ultimate sale of the Sal de Los Angeles Project ("SDLA"). We are passing the ball to NextView and wish them the very best in making SDLA the world's next significant lithium producer," said Paul Matysek, Executive Chairman of Lithium X.
Completion of the Arrangement remains subject to, among other things, final approval of the Supreme Court of British Columbia, with the hearing for the final order to approve the Arrangement being scheduled for February 7, 2018. The Arrangement is expected to become effective on or about February 14, 2018.
Additional information regarding the terms of the Arrangement is set out in Lithium X's management information circular dated January 3, 2018, which is filed under the Company's SEDAR profile at www.sedar.com.
On behalf of the Board of Directors of Lithium X
By: "Brian Paes-Braga"
President and CEO, Director
About Lithium X
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 Minerals Limited ("Pure Energy"). The Company's wholly owned flagship project is the Sal de los Angeles lithium brine project. The project consists of approximately 8,747.50 hectares 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 approximately 19% of Pure Energy's outstanding common shares.
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. Specific forward-looking statements in this release include the timing of the completion of the Arrangement and the receipt of the required regulatory and court 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. The information contained in this release is not investment or financial product advice.
SOURCE Lithium X Energy Corp.
For further information: Bassam Moubarak, Chief Financial Officer, Tel: 604-609-6142