VANCOUVER, Jan. 10, 2018 /CNW/ - Lithium X Energy
Corp. ("Lithium X" or the "Company") (TSXV:
LIX)(OTC:LIXXF) and NextView New Energy Lion Hong Kong Limited
("NextView") are pleased to announce that Lithium X has filed
on SEDAR and mailed to Lithium X shareholders ("Shareholders") and
warrantholders ("Warrantholders"), the notice of special meeting,
management information circular (the "Circular"), letter of
transmittal and related proxy materials in respect of the Company's
special meeting of Shareholders and Warrantholders (the "Special
Meeting") to be held at 10:00 am
(Vancouver time) on February 6, 2018 at 1700-666 Burrard Street,
Vancouver, British Columbia, V6C
2X8.
At the Special Meeting, Shareholders and Warrantholders will be
asked to approve the Company's previously announced transaction
with NextView, whereby NextView will acquire all of the issued and
outstanding common shares ("Shares") and common share purchase
warrants ("Warrants") of Lithium X by way of plan of arrangement
under Section 288 of the Business Corporations Act
(British Columbia) (the
"Arrangement"), as described in the news release of December 18, 2017 filed on Lithium X's SEDAR
profile. Upon the Arrangement becoming effective, each Shareholder
will receive cash consideration of $2.61 per Share (the "Share Consideration") and
each Warrantholder will receive cash consideration of $0.01 per Warrant (the "Warrant
Consideration").
As described in the Circular, NextView has obtained financing
commitments, jointly and severally, from Tibet Summit Resources Co.
Ltd. ("Tibet Summit") and Tajik-China Mining Co. Ltd. in an amount
of $265 million in order to fund the
aggregate Share Consideration and Warrant Consideration to be paid
pursuant to the Arrangement. These financing commitments are not
subject to any conditions (other than satisfaction or waiver of the
conditions to completion of the Arrangement in favour of NextView
set forth in the arrangement agreement dated December 16, 2017 between the Company and
NextView). Tibet Summit required shareholder approval to fulfill
its commitment and the required approval was obtained at its
shareholders meeting on January 4,
2018 where Tibet Summit's shareholders approved the
financing commitments.
Shareholders and Warrantholders should carefully review the
Circular and accompanying materials, as they contain important
details regarding the Arrangement.
On behalf of the Board of Directors of Lithium X
By: "Brian
Paes-Braga"
President and CEO,
Director
On behalf of NextView
By: "Yaping He"
Managing Partner
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 manages over RMB30 billion assets and 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, and Bacanora
Minerals Ltd., a Toronto and
London listed lithium exploration
and development company that owns a world class lithium project in
Mexico. In 2017, Shanghai NextView
teamed up with Tibet Summit to establish a RMB10 billion (approximately US$1.5 billion) natural resource fund to acquire
mining assets outside China with a
focus on the new energy and resources sectors. The fund's limited
partners will include several well-known financial institutions,
including China Huarong Assets Co., Ltd.
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 special meeting of the Lithium X
Shareholders and Warrantholders, and the completion of the
Arrangement, including receiving the required regulatory and court
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. The
information contained in this release is not investment or
financial product advice.
SOURCE Lithium X Energy Corp.