AIX's partner in Mexico has filed their year M&A.
"During 2017, and after an extensive safety review of its Sileach® process by the Australian Nuclear Science and Technology Organisation (ANSTO) LIT completed its continuous pilot plan run and subsequently its engineering study. It is LIT’s intention to optimise plant design before it considers a Final Investment Decision to develop the Large-Scale Pilot Plant with a capacity to produce up to 2,500 tpa lithium carbonate equivalent. LIT drilled at two of its prospects this year. With its joint venture partner in Mexico, LIT drilled its Agua Fria prospect. Whilst there were no big hits, the clays provide an ideal opportunity for entrance into the USA market in the event that LIT unlocks the key to the best beneficiation process.
LIT has developed a number of alliances with companies such as Pilbara Minerals Ltd, MetalsTech Ltd, Venus Metals Corporation Ltd, Alix Resources Corporation, Tin International and Focus Minerals NL for the reason of securing a diverse supply of lithium resources in the world’s major lithium provinces.
Thus, in the 2017 financial year, the Company's principal aim – that of creating value for shareholders – has been achieved in numerous ways. In addition to the above-mentioned increase in share price, long-term shareholders benefited from the 5-cent partly paid share series, which in 2015-16 peaked at 30 cents with a bonus issue from a previous year, while in August 2016 a further bonus issue of a one-for-two 25-cent partly-paid share was listed and traded at a high of 6.5 cents. Moreover, in May 2016, Lithium Australia announced its proposed spin-out of the Company's graphite assets, for which an IPO in late 2017 is planned." This is important to AIX as the agreement withELECTRA LITHIUM PROJECT LIT AND ALIX
April 19, 2016, Vancouver, BC, Canada – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) and Lithium Australia NL (“LIT”)(LIT-ASX:
• Signing of a definitive agreement between AIX and LIT to explore and develop the Electra project whereby LIT will earn a 49% interest in the Electra project through the issuance to AIX of 1,000,000 fully paid ordinary LIT shares. 1,000,0000 partly paid LIT contributing shares paid to 0.001 Australian cent each (24.99 Australian cents unpaid), and expenditures of $400,000. LIT has a further option to increase its interest in the Electra project to 65% through the issuance to AIX of 1,500,000 fully paid ordinary LIT shares, expenditures of $1,500,000 and a cash payment of $250,000;
• An exploration budget for the Electra project has been approved by LIT, securing the financing for the upcoming Phase 1 Electra work program, with work to begin in early May;
• Also included in the definitive agreement is the right for AIX to be granted a 10% interest in any novel lithium extraction technologies (“LET”) used or developed in relation to the Project properties (Tecolote and Tule Concessions) and/or the Sonora Project currently owned by Bacanora Minerals Ltd. and REM, whether patented or not patented..
because of the terms of the AIX/ LIT agreement which
