Microcap LITHIUM X ENERGY C COM NPV (OTCMKTS:LIXXF) Sets Terms on Nevada...

Microcap LITHIUM X ENERGY C COM NPV (OTCMKTS:LIXXF) Sets Terms on Nevada Assets

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LITHIUM X ENERGY C COM NPV (OTCMKTS:LIXXF) is a penny play in the lithium space that continues to act well and garner attention among OTC traders as the stock pushes higher. The main catalyst of late is the company’s announcement that it has entered into Definitive Agreements with Pure Energy Minerals Inc. for the sale of its interests in Nevada.

According to the release, the company is also subscribing for 3.571 million units of Pure Energy at a price of C$0.56 for a total subscription cost of C$2 million. “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.”

LITHIUM X ENERGY C COM NPV (OTCMKTS:LIXXF) trumpets itself as a company that operates as a lithium exploration and development company in Argentina and the United States.

LIXXF owns a 50% interest in the Sal de los Angeles project comprising 8,156 hectares located in Salta Province, Argentina. It also owns a 100% interest in the Clayton Valley South project consisting of 477 federal placer mining claims covering approximately 9,540 acres located to the southwest of Tonopah, Nevada; and holds an option to acquire a 100% interest in the NSP Lithium claims covering approximately 5,480 acres located in northern Clayton Valley, Nevada.

Lithium X holds option agreements on 15,020 acres (6,078 hectares) in Nevada’s Clayton Valley and land positions both north and south of Albemarle’s Silver Peak lithium brine mine, North America’s only lithium producer, making the Company the largest claim holder in the Clayton Valley. Clayton Valley North covers approximately 5,480 acres (2,217 hectares) in northern Clayton Valley, Nevada. The claims are contiguous to private lands and placer claims belonging to the lithium production facility of Albemarle Corporation. Historic drill information and a geophysical survey show the property covers basin-fill sediments which are similar to the sediments currently producing lithium brines. Two Albemarle production sized wells lie along the boundary. The Company has also acquired the Clayton Valley South Expansion (“Clayton Valley South”), totaling approximately 9,540 acres (3,861 hectares). The property is strategically located contiguous to the Silver Peak lithium mine operated by Albemarle Corp. on the northern boundary, the Clayton Valley South project operated by Pure Energy Minerals Ltd to the east and the Neptune property owned by Nevada Sunrise Gold Corporation to the west.

The company was formerly known as Royce Resources Corp. and changed its name to Lithium X Energy Corp. in November 2015. Lithium X Energy Corp. was founded in 1997 and is headquartered in Vancouver, Canada.

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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.”

Traders will note 17% added to share values of the stock over the past month of action. In addition, LIXXF has evidenced sudden upward volatility on many prior occasions.

Moreover, the listing has registered increased average transaction volume recently, with the past month seeing 70% over what the stock has registered over the longer term.

Earning a current market cap value of $127.6M, LIXXF has about $10.8M on the books, which stands against $225k in total current liabilities according to its latest filing. The company is pre-revenue at this point. This is an exciting story, and we look forward to a follow-up chapter as events transpire. For continuing coverage on shares of $LIXXF stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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