Part of the Stock Digest group of websites: Visit Tech Stock Digest  

Advantage Lithium Monetizes Clayton Northeast Lithium Project via Sale to Pure Energy Minerals

AVLIF) – Mr. David Sidoo , President and CEO, announces that the Company and its exploration partner Nevada Sunrise Gold Corporation (NEV.V) ("Nevada Sunrise") (together, the "Vendors") have signed an asset purchase agreement (the "Agreement") to effect the sale of the Clayton Northeast Project ("Clayton NE") to Pure Energy Minerals Limited of Vancouver, B.C. , Canada (PE.V) ("Pure Energy"). Clayton NE is located adjacent to the Silver Peak lithium brine mine in Esmeralda County, Nevada , the only producing lithium mine in North America ." data-react="" type="text">VANCOUVER , Nov. 8, 2017 /CNW/ - Advantage Lithium Corp. (the "Company" or "Advantage Lithium") (TSX Venture: AAL) (AVLIF) – Mr. David Sidoo , President and CEO, announces that the Company and its exploration partner Nevada Sunrise Gold Corporation (NEV.V) ("Nevada Sunrise") (together, the "Vendors") have signed an asset purchase agreement (the "Agreement") to effect the sale of the Clayton Northeast Project ("Clayton NE") to Pure Energy Minerals Limited of Vancouver, B.C. , Canada (PE.V) ("Pure Energy"). Clayton NE is located adjacent to the Silver Peak lithium brine mine in Esmeralda County, Nevada , the only producing lithium mine in North America .

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." " data-react="" type="text">Said Mr. Sidoo, "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 7 million common shares of Pure Energy (the "PE Shares"). The PE Shares will be issued to the Vendors by Pure Energy on closing of the transaction (the "Closing"), which is expected to occur on or before November 30, 2017 . The Company will receive 4.9 million PE shares. Prior to Closing the Company intends to fully exercise its option to earn a 70% participating interest in Clayton NE.

The Vendors have agreed to voluntary restrictions on the trading of the PE 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 PE 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.

AAL.V), and the company is also traded on the OTCQX Best Market in the U.S. (AVLIF). The company has acquired a 100% interest in five projects in Argentina and has acquired a 75% interest in a sixth, called Cauchari. The Cauchari project is located just 20 km south of Orocobre's flagship Olaroz Lithium Facility." data-react="" type="text">Advantage Lithium Corp. is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia . The common shares of the company are listed on the TSX Venture Exchange (AAL.V), and the company is also traded on the OTCQX Best Market in the U.S. (AVLIF). The company has acquired a 100% interest in five projects in Argentina and has acquired a 75% interest in a sixth, called Cauchari. The Cauchari project is located just 20 km south of Orocobre's flagship Olaroz Lithium Facility.

www.advantagelithium.com." data-react="" type="text">Further information about the Company can be found at www.advantagelithium.com.

ADVANTAGE LITHIUM CORP.

Per: "David Sidoo"
   
  David Sidoo, President & CEO
  Tel: 604.343.3760 | Fax: 604.683.1585
  Email: info@advantagelithium.com

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

MARKET SUMMARY

INDICES

Name Last Change
DOW 23358.20 0.43%
S&P 500 2578.85 0.26%
NASDAQ 6782.79 0.15%
TSX 15998.57 0.40%
TSX-V 799.35 0.00%

Resource Commodities

Name Last Change
Gold 1293.87 1.18%
Silver 17.29 1.16%
Copper 3.04 0.18%
Platinum 953.50 1.72%
Oil 55.14 0.34%
Natural Gas 3.05 0.88%
Uranium 24.25 N/A
Zinc 1.45 0.00%

@RSDigest ON TWITTER

Part of the Stock Digest family of websites
Small Cap Stock Digest