On May 31, 2017, lithium resource developer Pure Energy Minerals Limited (TSXV: PE) (FRANKFURT: A111EG) (OTCQB: PEMIF) announced that it had closed its previously announced transactions whereby Pure Energy acquired Lithium X Energy Corp.’s interest in 756 unpatented mining claims in Clayton Valley, Nevada. In order to complete the acquisition Pure Energy issued 20,038,182 common shares and 2,022,290 common share purchase warrants to Lithium X.
Lithium X also completed a $2 million strategic investment in Pure Energy pursuant to which Pure Energy issued 3,571,428 units.
Pure Energy also completed the initial payment obligations pursuant to a new option agreement with GeoXplor Corp. and Clayton Valley Lithium Inc. that superseded and terminated pre-existing option agreements with Pure Energy and Lithium X. Pursuant to the option agreement, Pure Energy assumed operatorship on the properties and will have the option to acquire a 100% interest in 359 unpatented mineral claims. The initial payments included the issuance to GeoXplor of 1,250,000 shares of the company and a cash payment of US$375,000.
Miller Thomson advised Pure Energy in these transactions with a team that included Rory Godinho, Kevin Sorochan and Brian Fast.