/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, Feb. 22, 2017 /CNW/ - Lithium X Energy Corp.
("Lithium X", or the "Company") (TSXV: LIX) (OTCQB: LIXXF) is
pleased to announce that it has entered into an agreement with a
syndicate of underwriters co-led by Canaccord Genuity Corp. and GMP
Securities L.P. (the "Underwriters"), pursuant to which they have
agreed to purchase, on a bought deal basis, 7,900,000 Shares of the
Company (the "Shares") at a price of C$1.90 per Share (the "Offering Price"), for
aggregate gross proceeds of C$15,010,000 (the "Offering").
In addition, the Company has granted the Underwriters an option
(the "Over-Allotment Option"), to purchase up to 1,185,000
additional Shares at the Offering Price for a period of 30 days
after and including the closing date. In the event that the
Over-Allotment Option is exercised in its entirety, the aggregate
gross proceeds of the Offering will be C$17,261,500.
The net proceeds of the Offering are expected to be used for
exploration and development work on the Company's Sal de
Los Angeles lithium project in
Salta, Argentina and for general
working capital purposes.
The Shares will be offered by way of a short form prospectus to
purchasers in British Columbia,
Alberta and Ontario, in certain offshore jurisdictions,
and in the United States on a
private placement basis pursuant to applicable exemptions under the
United States Securities Act of 1933, as amended (the "1933 Act").
The Shares have not been and will not be registered under the 1933
Act and they may not be offered or sold in the United States or to a US person unless and
exemption from registration is available. This press release does
not constitute an offer to sell the Shares in the United States or to US persons.
The Offering is expected to close on or about March 14, 2017. Closing of the Offering is
subject to certain conditions typical for a transaction of this
nature and the receipt of all necessary regulatory approvals,
including the approval of the TSX Venture Exchange.
In connection with the Offering, Eventus Capital Corp. has been
appointed as a special advisor to the Company.
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. 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
"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, 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.