VANCOUVER, British Columbia, Jan. 03, 2020 (GLOBE NEWSWIRE) -- American Lithium Corp. (TSXV: LI) (the “ Company ”) is pleased to announce that it will undertake a non-brokered private placement of up to 10,000,000 units (each, a “ Unit ”) at a price of $0.10 per Unit for gross proceeds of up to $1,000,000. Each “Unit” will consist of one common share, and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.125 for a period of twenty-four months. Proceeds of the placement will be used to continue development of the Company’s TLC project in Nevada, as well as for general working capital purposes.
In connection with the placement, the Company may pay finders’ fees to eligible parties who have assisted by introducing subscribers to the placement. All securities to be issued in connection with the placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the placement remains subject to the approval of the TSX Venture Exchange.
About the TLC Discovery
The TLC sedimentary lithium discovery is an exploration and development project 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 lithium sedimentary region that offers the potential of hosting a wide area of high-grade lithium mineralization. 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.
About American Lithium Corp.
American Lithium is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. The Company is currently exploring and developing the TLC Project located in the highly prospective Esmeralda Lithium District in Nevada. TLC is close to infrastructure, 3.5 hours south of the Tesla Gigafactory, and in the same basinal environment as Albemarle’s Silver Peak Lithium Mine, and several advancing deposits and resources including Ioneer Ltd.'s (formerly Global Geoscience) Rhyolite Ridge and Cypress Development Corp’s Clayton Valley Project.
For more information, please contact the Company at info@americanlithiumcorp.com or visit our website at www.americanlithiumcorp.com . Follow us on Facebook , Twitter and LinkedIn .
On behalf of the Board,
American Lithium Corp.
Michael Kobler, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here. Information provided in this release is necessarily summarized and may not contain all available material information. All such forward-looking information and statements are based on certain assumptions and analyses made by American Lithium management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading “Risks Factors” in American Lithium's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.
