Vancouver (pcJ News Briefs) – Lithium X Energy Corp. (TSX-V: LIX; OTCQB: LIXXF) has completed previously announced bought deal public offering of 7,900,000 common shares at CDN $1.90 per share for gross proceeds of CDN $15,010,000.
The offering was made through a syndicate of underwriters led by Canaccord Genuity Corp. and GMP Securities L.P.
Lithium X Energy intends to use the net proceeds to continue the development of the Sal de los Angeles lithium brine project in the Salta province, Argentina, including the completion of a work program with a view to providing an updated mineral resource estimate for the Sal de los Angeles Project, the completion of a feasibility study on the Sal de los Angeles Project, and the construction of an initial ponding facility.
The company also intends to use a portion of the net proceeds for general working capital purposes.
Lithium X Energy Corp. is a lithium exploration and development company holding properties in Salta, Argentina and Nevada, USA. The Company’s flagship project Sal de los Angeles lithium brine project as well as the Arizaro Lithium Brine Project are located in the prolific “Lithium Triangle” in mining friendly Salta province, Argentina. Lithium X owns 50%, and has the option to acquire up to 80% of the Sal de los Angeles lithium brine project. Lithium X’s Arizaro project consists of 33,846 hectares located in one of the world’s largest salars thought to contain elevated lithium brine values. Lithium X is also 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.