06:29:26 EDT Tue 07 May 2024
Enter Symbol
or Name
USA
CA



Advantage Lithium Corp
Symbol AAL
Shares Issued 135,066,071
Close 2017-11-07 C$ 1.19
Market Cap C$ 160,728,624
Recent Sedar Documents

Advantage Lithium sells Clayton NE to Pure Energy

2017-11-08 10:55 ET - News Release

Mr. David Sidoo reports

ADVANTAGE LITHIUM MONETIZES CLAYTON NORTHEAST LITHIUM PROJECT VIA SALE TO PURE ENERGY MINERALS

Advantage Lithium Corp. and its exploration partner, Nevada Sunrise Gold Corp., have signed an asset purchase agreement to effect the sale of the Clayton Northeast project (Clayton NE) to Pure Energy Minerals Ltd., of Vancouver, B.C., Canada. Clayton NE is located adjacent to the Silver Peak lithium brine mine in Esmeralda county, Nevada, the only producing lithium mine in North America.

David Sidoo, president and chief executive officer, said: "I have complete faith in the ability of the Pure Energy team to bring further value to the Clayton NE project and the other properties currently held by Pure Energy in the Clayton Valley. I have a lot of respect for Patrick Highsmith and Paul Matysek of Lithium X based on their previous success together at Lithium One. By agreeing to combine all of our projects into the new consolidated Clayton Valley project, we look forward to Pure Energy delivering even more shareholder value in the near future to all of the combined Clayton Valley assets."

The purchase price for Clayton NE is seven million common shares of Pure Energy. The Pure Energy shares will be issued to the vendors by Pure Energy on closing of the transaction, which is expected to occur on or before Nov. 30, 2017. The company will receive 4.9 million Pure Energy shares. Prior to closing, the company intends to fully exercise its option to earn a 70-per-cent participating interest in Clayton NE.

The vendors have agreed to voluntary restrictions on the trading of the Pure Energy shares for a period of 27 months with partial quarterly releases commencing after 18 months. In addition, the vendors have agreed that for a period of 24 months following closing, they will vote their respective Pure Energy shares at meetings of shareholders of Pure Energy in favour of all matters proposed by Pure Energy's management.

Closing of the transaction is subject to normal conditions precedent for a transaction of this nature including receipt by Pure Energy of acceptance of the transaction by TSX Venture Exchange.

About Advantage Lithium Corp.

Advantage Lithium is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, B.C. The common shares of the company are listed on the TSX Venture Exchange, and the company is also traded on the OTCQX Best Market in the United States. The company has acquired a 100-per-cent interest in five projects in Argentina and has acquired a 75-per-cent interest in a sixth, called Cauchari. The Cauchari project is located just 20 kilometres south of Orocobre's flagship Olaroz lithium facility.

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