VANCOUVER, March 8, 2018 /CNW/ - Lithium X Energy
Corp. ("Lithium X" or the "Company") (TSXV: LIX) (OTC:
LIXXF) is providing an update on the expected completion of the
previously announced plan of arrangement (the "Arrangement") with
NextView New Energy Lion Hong Kong Limited ("NextView").
The Company has been advised by NextView that it has completed
its financing arrangements and has wired the funds required to
complete the Arrangement to the depositary. All conditions to
completion of the Arrangement capable of being satisfied prior to
closing have been satisfied and, subject to the satisfaction of the
remaining customary conditions to be satisfied at closing (the
depositary's receipt of funds, accuracy of representations and
warranties, compliance with covenants, etc.) the Company expects
the closing to occur on Friday March
9 and for the Effective Time of the Arrangement to be
12:01 am on Saturday March 10.
Key executives and other insiders of the Company have indicated
that, since they are not currently in possession of any undisclosed
material information, they are able to, and intend to, purchase the
Company's common shares on the open market should a discount to the
consideration payable under the Arrangement continue to
prevail.
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.
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.
About NextView
NextView was incorporated under the laws of Hong Kong, S.A.R., with its head office
located in Hong Kong. NextView was
incorporated by Shanghai NextView Xiangjin Investment Partnership
(Limited) ("Shanghai NextView") and Tibet Summit as an acquisition
vehicle to complete the Arrangement.
Shanghai NextView is an active investment firm with offices in
Beijing and Shanghai. It invests in new energy, resources,
TMT, sports and consumer sectors. Known for its investment
performance in China's resources
sector, Shanghai NextView is the second largest shareholder of
Tibet Summit. It has also successfully invested in Western Mining
Co., Ltd. ("Western Mining"). Both Tibet Summit and Western Mining
are A-share listed companies in China.
Shanghai NextView has also been extending its focus into new
energy/electric vehicle supply chains. Its recent investments in
this sector include Nanjing Yuebo Auto Electronics Co., Ltd., a
leading company providing battery electric vehicle ("BEV") power
systems in China with its products
being incorporated into 100,000 BEVs annually..
Shanghai NextView is committed to continuing to invest in global
lithium resources and the new energy/electric vehicle sector,
achieving an influential position globally and taking advantage of
its unique access to the Chinese market.
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 funds from NextView. 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.