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Nextview to wholly acquire Lithium X, valuing company at C$265M

NextView New Energy Lion HongKong Ltd. entered into a definitive agreement to wholly acquire Lithium X Energy Corp. and all of its assets for a cash offer of C$2.61 per share, valuing the company at C$265 million.

The sale will include Lithium X's Sal de los Angeles lithium brine project and the Arizaro lithium brine project in Argentina, according to a Dec. 18 Lithium X release.

The offer price represents a 29.4% premium based on the 20-day volume-weighted average price ending Dec. 15.

Lithium X's directors and officers, who hold about 6% of the shares, have entered into voting agreements to support the transaction.

The transaction is subject to the approval of at least 66.66% of the votes cast by Lithium X equity holders at a special meeting in February 2018.

Lithium X will have to pay C$15.9 million and NextView will pay a reverse break fee of C$20 million if either party terminates the agreement.