VANCOUVER, Dec. 29, 2015 /CNW/ - Lithium X Energy
Corp. (TSXV: LIX) ("Lithium X" or the "Company")
is pleased to announce the closing of its non-brokered private
placement (the "Private Placement") on December 24, 2015 of 10,825,000 shares at a price
of $0.30 per share for gross proceeds
of $3,247,500. The common
shares issued pursuant to the Private Placement are subject to a
four month hold period expiring April 25,
2016.
Insiders and directors including Brian
Paes-Braga, Paul Matysek and
Frank Giustra subscribed for an
aggregate total of $562,000 or
1,873,333 shares, roughly proportionate to their holdings in the
Company.
"While Lithium X was already fully financed for our planned
activities in 2016, we thought it prudent to fortify our treasury
to potentially take advantage of other opportunities in the tight
lithium space." said Mr. Matysek.
The proceeds of the financing will be used to advance the
exploration and development of the Company's Clayton Valley
North Project and for general working capital purposes.
"It is an exciting time to be building Lithium X.", Mr. Matysek
continued. "The recent Paris Climate Summit underlined the need for
strong action on carbon emissions, which bolsters the case for
clean energy. Lithium is a critical part of the solution, and
unlike other commodities, lithium carbonate prices have been
increasing steadily."
The Company now has 39,068,232 common shares issued and
outstanding, 2,687,500 options and no warrants.
About Lithium X Energy Corp.
Lithium X Energy Corp. is a lithium exploration and development
company with a focus on becoming a low-cost supplier for the
burgeoning lithium battery industry. Lithium X has acquired the
option to earn a 100% interest in Clayton
Valley North, covering approximately 4,360 acres in northern
Clayton Valley, Nevada. The
project is contiguous to the only producing lithium operation in
North America – Silver Peak, owned
and operated by Albemarle (NYSE: ALB), 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.