/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, March 14, 2017 /CNW/ - Lithium X Energy Corp. ("Lithium X" or the "Company") (TSXV: LIX) (OTCQB: LIXXF) is pleased to announce that it has closed its previously announced bought deal public offering of 7,900,000 common shares of the Company (the "Shares") at a price of C$1.90 per Share for aggregate gross proceeds of C$15,010,000 (the "Offering"). The Shares were sold by a syndicate of underwriters led by Canaccord Genuity Corp. and GMP Securities L.P.
The Shares issued under the Offering were offered by way of a short form prospectus dated March 8, 2017 (the "Prospectus") in the provinces of British Columbia, Alberta and Ontario. Copies of the Prospectus and documents incorporated by reference therein are available electronically under the Company's issuer profile on SEDAR at www.sedar.com.
As described in the Prospectus, the Company intends to use the net proceeds of the Offering to continue the development of the Sal de los Angeles lithium brine project (the "Sal de los Angeles Project") in the Salta province, Argentina including: (i) the completion of a work program with a view to providing an updated mineral resource estimate for the Sal de los Angeles Project; (ii) the completion of a feasibility study on the Sal de los Angeles Project; and (iii) the construction of an initial ponding facility. The Company also intends to use a portion of the net proceeds for general working capital purposes.
The Shares sold pursuant to the Offering are listed on the TSX Venture Exchange (the "TSXV") under the Company's trading symbol LIX.
This news release shall not constitute an offer to sell or a solicitation of any offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and such securities may not be offered or sold within the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements thereunder.
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]