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
Paul
Matysek
Executive Chairman
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.