Lithium X Energy announces $13M bought deal

News Release

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

LITHIUM X ENERGY CORP. ANNOUNCES C$13,015,000 BOUGHT DEAL OFFERING OF UNITS

October 11, 2017 – Vancouver, BC – Lithium X Energy Corp. (TSX-V: LIX) (OTCQB: LIXXF) (the “Company”) has today entered into an agreement with a syndicate of underwriters co-led by Cormark Securities Inc., Canaccord Genuity Corp and GMP Securities L.P. (collectively the “Underwriters”) pursuant to which the Underwriters have agreed to purchase on a bought deal basis 6,850,000 units of the Company (the “Units”) at a price of C$1.90 per Unit (the “Offering Price”), representing total gross proceeds of $13,015,000 (the “Offering”). Each Unit consists of one common share (a “Common Share”) of the Company and one-half of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company at a price of C$2.75 for a period of 36 months following the Closing Date. The Warrants will have an acceleration provision pursuant to which the Company has the option to force conversion if the weighted average daily trading price of the Company’s common shares on the TSX Venture Exchange is C$3.75 or more for 10 consecutive trading days. Closing is expected on or about October 31, 2017 and is subject to regulatory approval including that of the TSX Venture Exchange and the securities regulatory authorities.

In addition, the Company has granted the Underwriters an option (the “Over-Allotment Option”), to purchase up to 1,027,500 additional Units at the Offering Price for market stabilization purposes and to cover over-allotments, exercisable within 30 days of the date of closing. In the event that the Over-Allotment Option is exercised in its entirety, the aggregate gross proceeds of the Offering will be C$14,967,250.

The net proceeds of the Offering will be used by the Company to advance its Sal de Los Angeles lithium project in Salta, Argentina and for general corporate purposes.

The Units will be offered by way of a short form prospectus to purchasers in British Columbia, Alberta and Ontario, in certain offshore jurisdictions, and in the United States on a private placement basis pursuant to applicable exemptions under the United States Securities Act of 1933, as amended (the “1933 Act”).

The Units have not been and will not be registered under the 1933 Act and they may not be offered or sold in the United States or to a US person unless an exemption from registration is available.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

ABOUT LITHIUM X ENERGY CORP.

Lithium X Energy Corp. is a lithium exploration and development company with a goal of becoming a low-cost supplier for the burgeoning lithium battery industry. The Company holds two projects in in the prolific “Lithium Triangle” in mining friendly Salta province, Argentina as well as participating in the Clayton Valley in Nevada through its ownership interest in Pure Energy Minerals Limited.
For additional information about Lithium X Energy Corp., please visit the Company’s website at www.lithium-x.com or review the Company’s documents filed on www.sedar.com. Join the Company’s email list at http://lithium-x.com/subscribe.

ON BEHALF OF THE BOARD OF DIRECTORS
LITHIUM X ENERGY CORP.
“Paul Matysek”
Paul Matysek
Executive Chairman

FOR FURTHER INFORMATION PLEASE CONTACT:
Brian Paes-Braga
President and CEO, Director
Tel: 604-609-6113
Email: info@lithium-x.com

Investor Relations
Timothy McKenna
Toll Free (Canada & US): 1-888-760-5498
US: +1-732-331-6457
Email: tim@lithium-x.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.