Lithium X Energy Corp. Announces C$13,015,000 Bought Deal Offering of Units

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 11, 2017) -

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

Lithium X Energy Corp. (TSX VENTURE: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.