Lithium X Energy Corp. Announces C$15 Million Bought Deal Financing

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

VANCOUVER, Feb. 22, 2017 /CNW/ - Lithium X Energy Corp. ("Lithium X", or the "Company") (TSXV: LIX) (OTCQB: LIXXF) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp. and GMP Securities L.P. (the "Underwriters"), pursuant to which they have agreed to purchase, on a bought deal basis, 7,900,000 Shares of the Company (the "Shares") at a price of C$1.90 per Share (the "Offering Price"), for aggregate gross proceeds of C$15,010,000 (the "Offering").

In addition, the Company has granted the Underwriters an option (the "Over-Allotment Option"), to purchase up to 1,185,000 additional Shares at the Offering Price for a period of 30 days after and including the closing date. In the event that the Over-Allotment Option is exercised in its entirety, the aggregate gross proceeds of the Offering will be C$17,261,500.

The net proceeds of the Offering are expected to be used for exploration and development work on the Company's Sal de Los Angeles lithium project in Salta, Argentina and for general working capital purposes.

The Shares 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 Shares 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 and exemption from registration is available. This press release does not constitute an offer to sell the Shares in the United States or to US persons.

The Offering is expected to close on or about March 14, 2017. Closing of the Offering is subject to certain conditions typical for a transaction of this nature and the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

In connection with the Offering, Eventus Capital Corp. has been appointed as a special advisor to the Company.

About Lithium X Energy Corp

Lithium X Energy Corp. is a lithium exploration and development company with a goal of becoming a low-cost supplier for the burgeoning lithium battery industry. Lithium X owns 50%, and has the option to acquire up to 80% of the Sal de Los Angeles lithium brine project in the prolific "Lithium Triangle" in mining friendly Salta province, Argentina. Lithium X's Arizaro project consists of 33,846 hectares located in one of the world's largest salars thought to contain elevated lithium brine values. Lithium X is also exploring a large land package in Nevada's Clayton Valley, contiguous to the only producing lithium operation in North America – Silver Peak, owned and operated by Albemarle, the world's largest lithium producer. Lithium X is listed on the TSXV under the trading symbol LIX.

For additional information about Lithium X Energy Corp., please visit the Company's website at www.lithium-x.com or review the Company's documents filed on www.sedar.com. Join the Company's email list at http://lithium-x.com/subscribe.

ON BEHALF OF THE BOARD OF DIRECTORS

"Paul Matysek"

Paul Matysek
Executive Chairman

Neither the 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 news release.

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, including the business of the Company, the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, and delay, inability to complete a financing or failure to receive regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE Lithium X Energy Corp.