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Lithium X Closes Agreement to Acquire up to 80% of the Sal De Los Angeles Deposit - LIX Named Operator of the High Grade Lithium Brine Project

VANCOUVER, Apr 21, 2016 (Canada NewsWire via COMTEX) -- Lithium X Energy Corp. ("Lithium X", or the "Company") (LIX) (otcqb:LIXXF) is pleased to announce that the Company has completed its acquisition of an initial 50% interest in Potasio y Litio de Argentina SA ("PLASA"), which owns 100% of the Sal de los Angeles lithium-potash brine project ("Sal de los Angeles Project", or the "Project") in Argentina from Aberdeen International Inc. ("Aberdeen")(AAB). In consideration for the 50% interest, the Company issued 8,000,000 common shares to Aberdeen.

The Sal de los Angeles Project covers more than 95% of the Salar de Diablillos property located in Salta province at an average elevation of approximately 4,050 metres above sea level. The Project includes 32 mining claims covering approximately 8,156 hectares and is located near FMC Corp.'s Salar de Hombre Muerto lithium deposit, one of the world's largest lithium operations.

"The acquisition of Sal de los Angeles adds a strong development-stage project to the portfolio, complementing our Clayton Valley exploration properties," stated Paul Matysek, Executive Chairman of Lithium X. "We plan to aggressively advance the project and update the economics before August 30(th), 2016"

"Completing this acquisition is an important milestone towards our goal of becoming the world's strongest pure-play lithium company," added Lithium X CEO Brian Paes-Braga.

Pursuant to the definitive Share Purchase Agreement dated April 15, 2016 entered into with Aberdeen, Lithium X has the option (the "Option") to acquire an additional 30% interest after incurring $3,000,000 in exploration and development expenditures over a two-year period and completing a Feasibility Study on the Project. In order to exercise the Option, Lithium X must issue common shares to Aberdeen valued at $5,000,000 based on a 10% discount to the 20-day volume-weighted average price (VWAP) of its common shares at the date of exercise.

In the event Lithium X does not exercise the Option, Aberdeen has the right for a 30-day period to acquire a 1% interest in PLASA back from Lithium X for $166,000 in cash. In the event that Lithium X does not meet the expenditure commitment or complete the Feasibility Study within two years, Lithium X must transfer 20% of the PLASA shares back to Aberdeen, resulting in Lithium X holding 30% of the outstanding PLASA shares. Please refer to the Company's news release dated March 3, 2016 for further details of the transaction.

Lithium X has agreed to increase its Board of Directors to seven members at its next annual general meeting, at which time Aberdeen has the right to nominate two members to the Board for a period of one year. Aberdeen reserves the right to appoint two directors at future AGMs as long as it owns more than 15% of the outstanding shares of Lithium X. If Aberdeen International owns more than 10% of outstanding shares of Lithium X but less than 15%, Aberdeen has the right to nominate one member to the Board. Aberdeen also has a pro rata right to participate in any future equity financings as long as it holds a minimum of 8,000,000 Lithium X common shares and 10% of the outstanding...