founder of vancouver lithium venture cashes in on decarbonizing the economy - lithium ion rechargeable battery
2015 Vancouver Youth
Mining financier Brian Paes-
Braga bet that it will be a good business to supply materials for fossilsfuel-
Free transportation.
29 this week-year-old Paes-
Braga and partner of Lithium X Energy Corp, a joint venture they founded
Cashed the bet for $265.
Million deals to sell the company to Chinese company NextView New Energy Lion Hong Kong Limited
For shareholders, the sale was a big return of $50 million they raised to get lithium
Development projects, acid ester-
Braga said the cornerstone deposit was a proposal to extract lithium carbonate from Argentine salt water.
"For me, the reason why I started this company was (is that)
I believe very much in getting the world out of fossil fuels . "Braga said.
"This is the mission of the company.
"Now, if the transaction is completed, it will be the assets of NextView new energy company to develop Lithium X, including Argentina's flagship Sal de la property, which supplies Lithium battery manufacturers in China.
On February, Lithium X shareholders will vote on the proposal, but the directors and executives of the company, including Paes-
Braga vowed to vote.
The agreement will pay lithium battery X $ per month for NextView.
Their shares in the TSX Venture Exchange stock market are 61 per share.
"The acquisition of Lithium X's wholly-owned flagship project Sal de los Angeles project is the cornerstone investment of NextView in developing the global leading enterprise strategy in the new energy sector," he Yaping, managing director of nextView, said at a press conference.
According to the Financial Post, this is the second transaction of NextView in two weeks, after the company purchased 20-per-
Banacora Minerals, who owns the lithium project in Mexico, holds a cent stake.
Lithium, which has been used for pharmaceutical, ceramic manufacturing and various industrial purposes for a long time, has seen a surge in demand for applications in electric vehicles and power storage battery technologies.
According to the Financial Post, other Chinese companies are also scrambling to ensure the lightweight metal used in rechargeable batteries to drive the booming market for lithium-ion batteries in China. Paes-
Braga grew up in West Vancouver and started his financial career at the age of 20 after dropping out of the University of Calgary.
He was first a stockbroker and then an investment banker to help resource companies raise money for projects and Paes
Braga said his experience in this area has led him to believe that lithium has the right supply and demand prospects for doing business. Paes-
Braga worked as a business mentor at Fiore Capital and Frank Giustra, a well-known Vancouver mining financier, who served as chief investor in Lithium X's first round of financing.
Paul Matysek, another top mining figure, joined Lithium X as executive chairman, Paes-
Braga said he was the key to developing the company. Paes-
Braga declined to disclose how much economic benefits he would receive from the deal, but Lithium X's last public information bulletin submitted on November showed that he had more than 3 companies.
4 million shares of the company are valued at about $9 million.