Lithium X and Pure Energy Partner to Develop Nevada Lithium Asset

Lithium X Energy Corp. (the “Company”(TSXV: LIX) (OTCQX: LIXXF)) is pleased to announce that it has entered into Definitive Agreements with Pure Energy Minerals Inc. (“Pure Energy”) for the sale of its interests in Nevada (the “Sale”).  In connection with the Sale, the Company is also subscribing for 3.571 million units (“Units”) of Pure Energy at a price of C$0.56 for a total subscription cost of C$2 million (the “Subscription”).  Each Unit consists of one Pure Energy common share and one half of a common share purchase warrant, with each whole warrant exercisable at a price of C$0.75.  The Unit price represents a 9.8% premium to yesterday’s closing price of the Pure Energy common shares.  The subscription proceeds are expected to be spent entirely on the development of the Nevada assets.
As quoted in the press release:

Brian Paes-Braga, CEO and a Director of Lithium X, commented, “We are very pleased to partner with Pure Energy to consolidate our Clayton Valley projects and create the leading American lithium developer. I have a lot of respect for what Patrick and his team have accomplished in Nevada, and their success helped inspire the founding of Lithium X. Lithium X is pleased to become Pure Energy’s largest shareholder, and participate in the tremendous upside at Clayton Valley, which hosts North America’s only primary producing lithium brine.”

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