/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, Nov. 2, 2017 /CNW/ - Lithium X Energy
Corp. ("Lithium X" or the "Company") (TSXV: LIX) (OTCQX:
LIXXF) is pleased to announce that it has closed its previously
announced bought deal public offering of 7,877,500 units of the
Company (the "Units") at a price of C$1.90 per Unit (the "Offering Price") for
aggregate gross proceeds of C$14,967,250 (the "Offering") pursuant to an
underwriting agreement (the "Underwriting Agreement") co-led by
Cormark Securities Inc., Canaccord Genuity Corp. and GMP Securities
L.P. (collectively, the "Underwriters"). The Units issued today
include the exercise in full of an over-allotment option granted to
the Underwriters pursuant to the Underwriting Agreement. Each Unit
consists of one common share (a "Common Share") of the Company and
one-half of one common share purchase warrant (each whole warrant,
a "Warrant"). Each Warrant will entitle the holder to acquire one
Common Share at a price of C$2.75 for
a period of 36 months from the date hereof, subject to acceleration
in certain circumstances.
The Units issued under the Offering were offered by way of a
short form prospectus dated October 26,
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 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 the completion of a
feasibility study on the Sal de los Angeles Project. The Company
also intends to use a portion of the net proceeds towards a 2018
work program on the Company's Arizaro lithium brine project and the
remainder of the proceeds for general working capital purposes.
The Common Shares are listed on the TSX Venture Exchange 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 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 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.
For additional information about Lithium X, please visit the
Company's website at www.lithium-x.com or review the Company's
documents filed on SEDAR at www.sedar.com. Join the Company's email
list at http://lithium-x.com/subscribe.
ON BEHALF OF THE BOARD OF DIRECTORS
LITHIUM X ENERGY CORP.
"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 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. 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.