American Lithium Corp. (TSX-V: LI) (OTCQB: LIACF) (Frankfurt: 5LA1) is pleased to announce the closing of its non-brokered private placement. The private placement consisted of the issuance of 10,156,530 units at a price of $0.10 per Unit for gross proceeds of $1,015,653.00. Each “Unit” consists of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.125 per share for a period of 24 months from the closing date.
All securities issued in connection with the placement are subject to a four-month-and-one-day statutory hold period. No finders’ fees or commissions were paid in connection with completion of the placement.
Proceeds of the private placement will be used to continue exploration at the Company’s wholly owned TLC Lithium Project near Tonopah, Nevada, where ongoing drilling has led to the discovery of at surface, high grade sedimentary hosted lithium. In addition to drilling and other surface exploration, metallurgical testing and process evaluation is ongoing.
About American Lithium Corp.
American Lithium is actively engaged in the exploration and development of its wholly owned TLC Lithium Project outside Tonopah, Nevada. TLC is located 12km northwest of Tonopah, Nevada and easily accessible by paved highway. The fieldwork to-date indicates a near surface, relatively flat-lying, free digging sedimentary lithium region that offers the potential of hosting a wide area of high-grade lithium mineralization. With drilling ongoing, the company expects to deliver a maiden resource in 2019. Just south of the Crescent Dunes Solar Energy Plant, the project is favorably located for future production given the immediate access to some of the cheapest electricity in Nevada.
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We acknowledge the [financial] support of the Government of Canada.