/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
"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. 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.