Lithium Energy $LIX Closes $14.9M Bought Deal

Lithium X


Lithium X Energy Corp. is pleased to announce that it has closed its previously announced bought deal public offering of 7,877,500 units of the Company at a price of C$1.90 per Unit for aggregate gross proceeds of C$14,967,250 pursuant to an underwriting agreement co-led by Cormark Securities Inc., Canaccord Genuity Corp. and GMP Securities L.P. The Units issued today include the exercise in full of an over-allotment option granted to the Underwriters pursuant to the Underwriting Agreement. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one Common Share at a price of C$2.75 for a period of 36 months from the date hereof, subject to acceleration in certain circumstances.

The Units issued under the Offering were offered by way of a short form prospectus dated October 26, 2017 in the provinces of British ColumbiaAlberta and Ontario.

The Company intends to use the net proceeds of the Offering to continue the development of the Sal de los Angeles lithium brine project in the Salta province, Argentina, including the completion of a feasibility study on the Sal de los Angeles Project. The Company also intends to use a portion of the net proceeds towards a 2018 work program on the Company’s Arizaro lithium brine project and the remainder of the proceeds for general working capital purposes.