American Lithium Corp. (TSX-V:LI) (OTCQX:AMLIF) (Frankfurt:5LA1) is pleased to announce that it has closed its previously announced non-brokered private placement for aggregate gross proceeds of $9,400,000.

The Private Placement consisted of the issuance and sale of 34,814,815 units of the Company at a price of $0.27 per Unit. Each Unit issued pursuant to the Private Placement consists of one common share in the capital of the Company and one Common Share purchase warrant. Each warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.50 for 36 months from the closing date of the Private Placement.

The Private Placement was made to qualified investors in such provinces of Canada as the Company may designate, and otherwise in those jurisdictions where the Private Placement can lawfully be made. All securities issued pursuant to the Private Placement are subject to a four-month hold and one day hold period in accordance with applicable Canadian securities laws.

The Company intends on using the net proceeds from the Private Placement to continue advancing its projects in Nevada and Peru and for general corporate purposes. No finder’s fee was paid in this transaction.

The Offering included subscriptions from insiders of the Company for an aggregate of 11,111,111 Units totaling gross proceeds of $3,000,000. Such participation constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions and Policy 5.9 of the TSX Venture Exchange. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 on the basis that neither the fair market value of the Units issued to interested parties (as defined in MI 61-101), nor the consideration received for those Units will exceed 25% of the Company’s market capitalization.

This news release shall not constitute an offer to sell or the solicitation of an offer to sell nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About American Lithium

American Lithium is developing two of the world’s largest, advanced-stage lithium projects, along with the largest undeveloped uranium project in Latin America. They include the TLC claystone lithium project in Nevada, the Falchani hard rock lithium project and the Macusani uranium deposit, both in southern Peru. All three projects have been through robust preliminary economic assessments, exhibit significant expansion potential and enjoy strong community support.