Alix Amends Jackpot Lithium Property Purchase Agreement
Vancouver, British Columbia (FSCwire) - ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) announces an amendment to the property purchase agreement for the acquisition of the Jackpot Lithium property (“Jackpot Property”) located about 140 km NNE of Thunder Bay, Ontario, from arms-length vendors (see PR dated April 13, 2016).
Original cumulative terms of the deal call for Alix to issue 2.4 million shares plus cause expenditures of $350,000 on the property over a 2 year period. In addition a 1.5% NSR will be granted to the vendors with the Company able to purchase back one per-cent for one million dollars.
The agreement has been amended to waive the work commitment in exchange for which the Company will issue an additional 300,000 shares to the Vendors increasing the total amount of shares issued for the Property to 2,700,000. This agreement is subject to TSXV approval.
Alix Resources is a junior mining exploration company focussed on seeking and acquiring lithium projects globally. Alix continues to evaluate suitable prospects that fit the mandate of the Company. The Company is also exploring the Electra Project in Sonora, Mexico, consisting of two strategically located concessions, contiguous to Bacanora Minerals' Sonora Lithium Project. The Company’s Joint Venture partner on the Electra Project is global lithium developer Lithium Australia NL, whom are developing the Sileach™ processing approach for recovering lithium from silicate minerals including spodumene and mica.
ON BEHALF OF THE BOARD
Michael England, President, CEO, Director
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FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
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Source: Alix Resources Corp. (TSX Venture:AIX)
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