VANCOUVER, Feb. 25, 2016
/CNW/ -Lithium X Energy Corp. ("Lithium X", or the
"Company") (TSX-V: LIX) has completed the acquisition of its
100% interest in the CVL Lithium Property (the "Clayton Valley
South Expansion" or the "Property") in Nevada's Clayton Valley, as announced in the
February 16, 2016 news release.
As consideration, for the acquisition, the Company paid
US$350,000 and issued 4,000,000
common shares to the vendor. The Company also paid a finder's fee
of 295,000 common shares to a third party. All common shares issued
pursuant to the acquisition and the finder's fee are subject to a 4
month hold expiring June 26,
2016.
The Company now has 43,820,732 common shares issued and
outstanding.
The acquisition makes Lithium X the largest claims holder with
over 15,020 acres (6,078 hectares) in Nevada's Clayton Valley and land positions
both north and south of Albemarle's Silver Peak mine, North America's only lithium producer.
The Clayton Valley South Expansion consists of 477 federal
placer mining claims, totaling approximately 9,540 acres (3,861
hectares) and is located approximately 30 miles southwest of
Tonopah, Nevada, within the
Clayton Valley.
The Property is strategically located between and contiguous
with the Silver Peak lithium mine operated by Albemarle Corp. on
the northern boundary, the Clayton Valley South project operated by
Pure Energy Minerals Ltd to the east and the Neptune property owned
by Nevada Sunrise Gold Corporation to the west.
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. The Company is exploring a
large land package in Nevada's
Clayton Valley, contiguous to the only producing lithium operation
in North America – Silver Peak,
owned and operated by Albemarle, the world's largest lithium
producer. Lithium X Energy Corp 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.