Advantage Lithium Completes Sale of Clayton Valley Northeast Lithium Project to Pure Energy Minerals
TSX Venture Exchange Symbol: AAL
VANCOUVER, Dec. 6, 2017 /CNW/ - Advantage Lithium Corp. (the "Company" or "Advantage Lithium") (TSX Venture: AAL) (OTCQX: AVLIF) - is pleased to announce, further to the Company's news release dated November 8, 2017, the Company and its exploration partner Nevada Sunrise Gold Corporation (TSXV: NEV) ("Nevada Sunrise") (together, the "Vendors") have completed the sale of the Clayton Northeast and Triton lithium projects (collectively, "Clayton NE") to Pure Energy Minerals Limited of Vancouver, B.C., Canada (TSXV: PE) ("Pure Energy"). Clayton NE is located adjacent to the Silver Peak lithium brine mine in Esmeralda County, Nevada.
At closing, Pure Energy issued to the Vendors an aggregate of 7 million common shares of Pure Energy (the "PE Shares"), 4,900,000 of which were issued to Advantage Lithium and 2,100,000 PE Shares to Nevada Sunrise.
The Vendors have agreed to voluntary restrictions on the trading of the PE Shares for a period of 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. The Purchaser has agreed to assume a 3% gross overriding royalty and certain other obligations of Nevada Sunrise pursuant to an underlying option agreement
Mr. Sidoo, President and CEO of the Company, commented "We are extremely pleased to have completed this transaction with Pure and we wish them every success in advancing the development of Clayton NE. We are now a large shareholder of Pure and fully expect they will be successful in advancing development in the Clayton Valley. As we mentioned in our news release announcing this sale we are focusing our efforts on advancing our Cauchari project to next stage of development".
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, British Columbia. The common shares of the company are listed on the TSX Venture Exchange (TSX-V:AAL), and the company is also traded on the OTCQX Best Market in the U.S. (OTCQX: AVLIF). The company has acquired a 100% interest in five projects in Argentina and up to a 75% interest in a sixth, called Cauchari. Cauchari is located just 20 km south of Orocobre's flagship Olaroz Lithium Facility.
Further information about the Company can be found at www.advantagelithium.com.
ADVANTAGE LITHIUM CORP.
David Sidoo, President & CEO
Tel: 604.343.3760 | Fax: 604.683.1585
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "is expected","intends", or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage Lithium that involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither 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 release.
SOURCE Advantage Lithium Corp
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