VANCOUVER, July 13, 2016 /CNW/ - Lithium X Energy
Corp. (TSXV: LIX) (OTCQB: LIXXF) ("Lithium X" or
the "Company") is pleased to announce the closing of its
non-brokered private placement (the "Private Placement") of
6,060,603 shares at a price of $1.65
per share for gross proceeds of $10,000,000. Finder's fees of $565,200 were paid in relation to the Private
Placement. The common shares issued pursuant to the Private
Placement are subject to a four month hold period expiring
November 14, 2016.
The Company further reports that pursuant to the Company's Stock
Option Plan, a total of 300,000 incentive stock options have been
granted to certain directors and consultants of the Company.
These options are exercisable at $1.65 for a period of 5 years, subject to
regulatory approval.
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. Lithium X owns 50%, and
has the option to acquire up to 80% of the Sal de los Angeles
lithium brine project in the prolific "Lithium Triangle" in
mining-friendly Salta province, Argentina. Sal de los Angeles is a well-known
salar with positive historical economics, grade and size. 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
"Paul Matysek"
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. 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 and the commencement of trading in the Company's shares.
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.