Alix Receives Drill Permits for Quebec Lithium West Project - Announces Financing
VANCOUVER, BC / ACCESSWIRE / November 3, 2016 / Alix Resources Corp. (TSXV: AIX) (FSE: 37N) ("Alix" or the "Company") is pleased to announce it has been granted all the necessary drill permits pertaining to its Quebec Lithium West property ("QLW"). The QLW property is located adjacent and on strike with the Chinese-based Jilin Jien Nickel Industry Co. ("Jilin") Quebec Lithium Mine.
Mike England, President of Alix Resources Corp. commented "On the heels of the successful assay results announced September 20, 2016 we are very excited at the prospect of drill testing the area exposing lithium-bearing pegmatites discovered on trend with the Quebec Lithium Mine pegmatite dyke swarm."
Alix further announces that it has arranged a non-brokered private placement of 6,250,000 flow through units ("Units") at a price of $0.08 per Unit for aggregate gross proceeds of $800,000 (the "Offering"). Each Unit will be comprised of one flow through common share (" FT Share") and one half Share purchase warrant of the Company ("Warrant"). Each full Warrant will entitle the Subscriber to purchase one Warrant Share for a 24 month period after the Closing Date at an exercise price of $0.10 per share. Use of proceeds will be used towards advancing the Company's lithium projects in Quebec. Finders' fees and commissions will be paid by Alix in relation to this issuance.
The Company has also arranged a non-brokered private placement of four million units ("Units") at a price of $0.06 per Unit for aggregate gross proceeds of $240,000 (the "Offering"). Each Unit will be comprised of one common share ("Share") and one Share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the Subscriber to purchase one Warrant Share for a 24 month period after the Closing Date at an exercise price of $0.10 per share. Proceeds of this private placement will be used for general working capital.
The private placements are both subject to TSX Venture Exchange approval.
The technical contents of this release were approved by Michel Boily, PhD, P.Geo a Qualified Person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
About Alix Resources
Alix Resources is a junior mining exploration company focused on seeking and acquiring lithium projects globally. Alix continues to evaluate suitable prospects that fit the mandate of the Company. The Company now has active lithium projects in Quebec, Mexico and Ontario.
ON BEHALF OF THE BOARD
"Michael England"
Michael England, President, CEO, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
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 release.
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).
SOURCE: Alix Resources Corp.
