New lithium exploration startup Lithium X Energy Corp. will start trading on the TSXV on Monday, Nov. 30 under the symbol LIX.
News release here: Lithium X Energy Corp. completes acquisition of NSP Lithium Claims
Full disclosure: I am a shareholder and have a business relationship with the company.
LIX is led by Brian Paes-Braga, Founder and CEO, in his first role at the helm of a public company. Paes-Braga, an energetic and successful 27-year-old former stock broker, has a passion for storytelling and fundraising. The LIX story evidently resonated with mining entrepreneur Paul Matysek, Lithium X’s new Executive Chairman.
Mr. Matysek has an impressive track record in the mining business. He was president of uranium producer Energy Metals until its $1.8-billion takeover in 2007. Mr. Matysek was President of Potash One until its $434-million takeover in 2010. And he was president of Lithium One until its $112-million plan of arrangement with Galaxy Resources, among other experiences.
Mr. Matysek is currently the chairman of Nano One Materials (NNO-V), a technology company developing lower cost battery materials.
Lithium X holds an option to acquire a 100% interest in the North Silver Peak (NSP) Lithium Claims in Clayton Valley, Nevada. The project is north of and immediately adjacent to North America’s only producing lithium mine, Albemarle’s Silver Peak facility, which has produced lithium since 1967.
Albemarle’s vast evaporation ponds help to concentrate the lithium brines, a naturally occurring salt water extracted in large volumes by wells from beneath the Clayton Valley. Two of Albemarle’s wells sit adjacent to Lithium X’s property boundary.
Lithium X has also closed a C$1.754 million financing at 15 cents. Royce Resources, the publicly traded shell company that became Lithium X, had an additional $725,121 cash at Sept. 30, 2015.
Lithium X has 28.126 million shares outstanding and an additional 2.8 million options at 15 cents. There are no warrants outstanding. Based on a 15-cent share price, the company has a market capitalization of about $4.22 million, with more than $2 million in cash.
Philanthropist and business leader Frank Giustra’s Fiore group is a financial advisor to Lithium X, and Mr. Giustra owns more than 11% of the company. Paes Braga holds approximately 11.5% of Lithium X assuming the exercise of 271,000 stock options.
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Lithium X Energy Corp. is a high-risk startup company that is not suitable for most investors. Consult the company’s profile on www.SEDAR.com for important risk disclsoures, and do your own due diligence and talk to a licensed investment advisor prior to making any investment decisions. This article is provided for general information purposes and is not intended to be investment advice of any kind. Pacific Website Company Inc. (CEO.CA parent company) has a business relationship with Lithium X and several members of the CEO.CA team are Lithium X shareholders and from time to time may trade in the shares of Lithium X without notice to readers. Independently verify all information herein. You are responsible for your trades.