VANCOUVER, Dec. 6, 2017 /CNW/ - Advantage Lithium Corp. (the "Company" or "Advantage Lithium") (TSX Venture: AAL) (OTCQX: AVLIF) – is pleased to announce, further to the Company's news release dated November 8, 2017, the Company and its exploration partner Nevada Sunrise Gold Corporation (TSXV: NEV) ("Nevada Sunrise") (together, the "Vendors") have completed the sale of the Clayton Northeast and Triton lithium projects (collectively, "Clayton NE") to Pure Energy Minerals Limited of Vancouver, B.C., Canada (TSXV: PE) ("Pure Energy"). Clayton NE is located adjacent to the Silver Peak lithium brine mine in Esmeralda County, Nevada.
At closing, Pure Energy issued to the Vendors an aggregate of 7 million common shares of Pure Energy (the "PE Shares"), 4,900,000 of which were issued to Advantage Lithium and 2,100,000 PE Shares to Nevada Sunrise.
The Vendors have agreed to voluntary restrictions on the trading of the PE Shares for a period of 18 months. In addition, the Vendors have agreed that for a period of 24 months following Closing, they will vote their respective PE Shares at meetings of shareholders of Pure Energy in favour of all matters proposed by Pure Energy's management. The Purchaser has agreed to assume a 3% gross overriding royalty and certain other obligations of Nevada Sunrise pursuant to an underlying option agreement
Mr. Sidoo, President and CEO of the Company, commented "We are extremely pleased to have completed this transaction with Pure and we wish them every success in advancing the development of Clayton NE. We are now a large shareholder of Pure and fully expect they will be successful in advancing development in the Clayton Valley. As we mentioned in our news release announcing this sale we are focusing our efforts on advancing our Cauchari project to next stage of development".
About Advantage Lithium Corp.
Advantage Lithium is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia. The common shares of the company are listed on the TSX Venture Exchange (TSX-V:AAL), and the company is also traded on the OTCQX Best Market in the U.S. (OTCQX: AVLIF). The company has acquired a 100% interest in five projects in Argentina and up to a 75% interest in a sixth, called Cauchari. Cauchari is located just 20 km south of Orocobre's flagship Olaroz Lithium Facility.
