LITHIUM ENERGI EXPLORATION INC. ("LEXI")
[formerly PORTOLA RESOURCES INC. ("PZ")]
BULLETIN TYPE: Property-Asset or Share Purchase Agreement, Name Change, Resume Trading, Reviewable Transaction-Completed
BULLETIN DATE: March 23, 2017
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation related to the Share Purchase Agreement dated February 10, 2017 between Portola Resources, Inc. (the "Company") and Lithium Energi Argentina, S.A. ("LEA"), Antofalla North, S.A.("AN") and Antofalla South, S.A.("AS") whereby the Company will acquire the issued and outstanding shares of Lithium Energi Argentina, S.A., Antofalla North, S.A. and Antofalla South, S.A. in consideration of 21,000,000 shares of the company as follows:
* 1,000,000 shares to Lithium Energi Argentina, S.A., shareholders
* 8,450,000, shares to Antofalla North, S.A. shareholders
* 11,550,000 common shares Antofalla South, S.A shareholders,
In addition, the Company will assume the respective cash payments obligations of LEA, AN, and AS which consist of:
* Laguna Caro Project US$650,000 to Goldinka Energy, SA, Cesar Vergara, Luis Bravo, Sergio Orce, Omar E. Ortega and Steven C. Howard.
* Antofallo North project US$761,000, to Emprendimientos Mineros Artesanales Catamarca, S.R.L., Omar E. Ortega and Steven C. Howard
* Antofallo South Projects US$1,267,000 equally to Omar E. Ortega and Steven C. Howard;
payable over a twelve (12) month period.
And the company will reimburse (as down payments for concessions and other expenses:
to Mountas, Inc. $US 244,160.00
to Earthwise Energy, Inc. $US 69,283.72
Finder's Fee: 1,150,000 shares payable to 6214860 Canada Ltd.
CASH SHARES WORK EXPENDITURES
Steven C. Howard (Meteor Energy, Inc.)
& Earthwise Energy, Inc.) $US 1,098,283.72 8,400,000 $0
Omar E. Ortega (Mountas, Inc) $US 1,273,160 5,300,000 $0
Kathy M. Bullard $0 1,800,000 $0
Wesley C. Bullard $0 2,400,000 $0
Brenda B. Wilson $0 3,100,000 $0
Goldinka Energy, SA $US 445,000 $0
Emprendimientos Mineros
Artesanales Catamarca, S.R.L. $US 70,000 $0
Cesar Vergara $US 35,000 $0
Luis Bravo $US 35,000 $0
Sergio Orce $US 35,000 $0
6214860 Canada Ltd. (Walter Oxford) $0 1,150,000 $0
Further information on the transaction is available on the Company's SEDAR profile in news releases dated Dec 6, 2016 and March 22, 2017.
Pursuant to a resolution passed by the Directors of the Company dated February 23, 2017, the Company has changed its name as follows. There is no consolidation of capital.
Effective at the opening, Friday, March 24, 2017, the common shares of Lithium Energi Exploration Inc will commence trading on TSX Venture Exchange, and the common shares of Portola Resources Inc will be delisted. The Company is classified as a 'Mineral exploration' company.
Capitalization: Unlimited shares with no par value of which
46,882,950 shares are issued and outstanding
Transfer Agent: Computershare Investor Services Inc.
Trading Symbol: LEXI (new)
CUSIP Number: 53680T102 (new)
Company Contact person: Chris Hobbs
Company Address: 25 King St. West, Suite 2900 P.O. Box 405 , Toronto, ON M5L 1G3
Company Phone Number: 416.276.6689
Company Fax Number: 888.909.1033
Company Email Address: chobbs@pinepointadvisors.com
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