The Conversation (0)
Lithium X Energy Corp. (the “Company”) (TSXV: LIX) (OTCQX: LIXXF) is pleased to announce that it has completed the previously-announced transactions with Pure Energy Minerals Limited (“Pure Energy”), consisting of the sale of its interests in Nevada (the “Sale”) and its subscription for 3.571 million Pure Energy units for at a total subscription cost of …
Lithium X Energy Corp. (the “Company”) (TSXV: LIX) (OTCQX: LIXXF) is pleased to announce that it has completed the previously-announced transactions with Pure Energy Minerals Limited (“Pure Energy”), consisting of the sale of its interests in Nevada (the “Sale”) and its subscription for 3.571 million Pure Energy units for at a total subscription cost of C$2 million (the “Subscription”).
As quoted in the press release:
The Sale and Subscription were completed on the terms previously announced by the Company on May 11, 2017. Completion of the Sale and the Subscription results in the Company participating in Nevada’s Clayton Valley solely through its holding of 19.99% of Pure Energy’s outstanding common shares and Pure Energy share purchase warrants that, if exercised immediately, would increase the Company’s ownership interest to 22.5%. The Company has agreed not to exercise any share purchase warrants of Pure Energy if, upon exercise, the Company would become a ‘Control Person’ (as such term is defined in the policies of the TSX Venture Exchange) unless Pure Energy has obtained the prior approval of its shareholders and of the TSXV, as applicable.
