VANCOUVER, March 12, 2018 /CNW/ - Lithium X Energy
Corp. ("Lithium X" or the "Company") (TSXV: LIX) (OTC:
LIXXF) is pleased to announce the completion of the previously
announced plan of arrangement (the "Arrangement") between the
Company and NextView New Energy Lion Hong Kong Limited ("NextView")
whereby all of the issued and outstanding common shares (the
"Shares") and common share purchase warrants (the "Warrants") of
Lithium X were acquired by NextView's wholly-owned British Columbia subsidiary, NNEL Holding
Corp. ("NNEL Holding").
The Arrangement was completed under the Business Corporations
Act of British Columbia and
was approved by the Supreme Court of British Columbia in its final order dated
February 7, 2018. Each shareholder of
the Company received cash consideration of CAD$2.61 for each Share held and each
warrantholder of the Company received cash consideration of
CAD$0.01 for each Warrant held.
Immediately prior to the Arrangement, NextView and NNEL Holding did
not own or control any Shares or Warrants of Lithium X.
It is expected that the Shares will be de-listed from the TSX
Venture Exchange and that Lithium X will cease to be a reporting
issuer.
Registered holders of Lithium X securities should send their
completed and executed letters of transmittal and certificates
representing their Lithium X Shares and Warrants to the depositary,
Computershare Investor Services Inc., in order to receive the
consideration to which they are entitled under the Arrangement. A
copy of the letter of transmittal is available under the Company's
profile on SEDAR at www.sedar.com.
NextView stated: "We are delighted to have completed the
acquisition of Lithium X whose wholly-owned Sal de los Angeles
lithium project in Argentina (the
"SDLA Project") represents a perfect fit with our strategy to
invest in long-life lithium assets with near-term production. The
SDLA Project has a world class mineral resource exceeding 2 million
tonnes of lithium carbonate equivalent, advanced production and
processing technology, and a clear roadmap to achieving design
capacity. The acquisition secures long-term supply of battery grade
lithium, a critical raw material for manufacturing electric vehicle
("EV") batteries and firmly establishes our upstream presence on
the EV supply chain. The growth outlook for the new energy and EV
sectors in China and globally
remains very strong and we are committed to continuing to make
investments in high quality assets along the value chain."
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 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 Co., Ltd. ("Tibet
Summit") as an acquisition vehicle to complete the Arrangement.
Shanghai NextView is an active investment firm with offices in
Beijing and Shanghai. It 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.
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 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 description of the expected
delisting of the Shares from the TSX Venture Exchange and the
expectation that the Company will cease to be a reporting issuer,
including receiving the required stock exchange and 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. The
information contained in this release is not investment or
financial product advice.
SOURCE Lithium X Energy Corp.