VANCOUVER, Feb 6, 2018 /CNW/ - Lithium X Energy
Corp. ("Lithium X" or the "Company") (TSXV: LIX) (OTC:
LIXXF) is pleased to announce that securityholders have
approved the Company's previously announced plan of arrangement
(the "Arrangement") with NextView New Energy Lion Hong Kong Limited
("NextView") at the Special Meeting of shareholders and
warrantholders held today.
Under the Arrangement, NextView will acquire all of the issued
and outstanding common shares ("Shares") and common share purchase
warrants ("Warrants") of Lithium X for cash consideration of
$2.61 per Share and $0.01 per Warrant.
At the Meeting, the special resolution approving the Arrangement
was approved by 98.27% of the votes cast by shareholders present in
person or by proxy. In addition, the Arrangement was approved by
98.30% of the votes cast by shareholders and warrantholders present
in person or by proxy (voting together as a single class). Finally,
as required by Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions, the
Arrangement was approved by more than a simple majority of the
votes cast by shareholders at the Meeting, excluding the votes cast
by interested persons excluded from voting in accordance with MI
61-101.
"As the final days of Lithium X draw nearer, I'm reminded of
Michael Jordan who on reflection of
his five NBA crowns quoted 'Talent wins games, but teamwork and
intelligence wins championships.' I would like to take this moment
to thank the Lithium X team and board of directors who tirelessly
championed the acquisition, development and ultimate sale of the
Sal de Los Angeles Project ("SDLA"). We are passing the ball to
NextView and wish them the very best in making SDLA the world's
next significant lithium producer," said Paul Matysek, Executive Chairman of Lithium
X.
Completion of the Arrangement remains subject to, among other
things, final approval of the Supreme Court of British Columbia, with the hearing for the
final order to approve the Arrangement being scheduled for
February 7, 2018. The Arrangement is
expected to become effective on or about February 14, 2018.
Additional information regarding the terms of the Arrangement is
set out in Lithium X's management information circular dated
January 3, 2018, which is filed under
the Company's SEDAR profile at www.sedar.com.
On behalf of the Board of Directors of Lithium X
By: "Brian Paes-Braga"
President
and CEO, Director
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.
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 completion of the Arrangement and the
receipt of 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.