VANCOUVER, April 18, 2017 /CNW/ - Lithium X Energy Corp.
(TSXV: LIX) (OTCQB: LIXXF) ("the Company") has appointed
Bassam Moubarak, CPA, CA as Chief
Financial Officer. In this role, he will help spearhead the
Company's financial reporting and regulatory compliance, as well as
corporate development activities. Mr. Moubarak brings
extensive operational experience in the mining industry, both
domestically and internationally with a focus on South America and particularly Argentina.
Mr. Moubarak is a Chartered Professional Accountant who has
held senior executive positions for various mining companies for
over 10 years including most recently Goldrock Mines Corp.
where he played a key role in its sale to Fortuna Silver
Mines Inc. for $180 million. He
was Chief Financial Officer of Petaquilla Minerals Ltd.
where he was instrumental in raising in excess of $120 million to develop and bring into production
the Molejon Gold Mine. He also played a key role in
the sale of Petaquilla Copper Ltd.
to Inmet Mining Corporation for $400 million and negotiated the sale of Golden
Arrow Resources Corporation's 1% net smelter royalty
on Gualcamayo Gold Mine to Premier Royalty Inc. for
$17.75 million.
Mr. Moubarak also previously held the position of senior
manager with Deloitte & Touche LLP., where he led
audits of public companies and oversaw SOX 404 implementations with
specific emphasis on the mining industry.
Commenting on the appointment, Mr. Matysek said, "Bassam Moubarak brings important strategic,
financial and organizational experience at a critical time for
Lithium X. Over the next year our operating team is focusing
its efforts on de-risking our flagship Sal
de Los Angeles project located in, Salta, Argentina. We are all looking forward to
working with Bassam and reproducing the shareholder value
appreciation obtained with his tenure at Goldrock Mines."
The appointment of Mr. Moubarak follows the resignation of Mr.
Daniel Kriznic as Chief Financial
Officer.
Mr. Kriznic will remain as an advisor to the Company while
pursuing his other business interests. The Company would like
to thank Mr. Daniel Kriznic for his
efforts in the growth of Lithium X.
The Company further announces an aggregate grant of 1,645,000
stock options to certain directors, officers and consultants of the
Company exercisable at $1.90,
expiring 5 years from the date of grant, 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. 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
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.