American Lithium Cancels Clayton Valley Acquisition, Amends Financing Terms
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 11, 2017) - American Lithium Corp. (TSX VENTURE:LI)(OTCQB:LIACF)(FRANKFURT:5LA)(WKN:A2AHEL) ("American Lithium" or the "Company"), announces that the Company has decided to not proceed with the acquisition of additional acreage in Clayton Valley, Nevada as announced November 15, 2016.
The Company also announces that it will not proceed with the proposed $3 million financing associated with the acquisition. Instead, the Company announces that it will place up to 10 million units at a price of 15 cents per unit. Each unit will consist of one common share of the company and one share purchase warrant. Each warrant will entitle the holder to purchase an additional common share at 30 cents per share for 18 months from closing. The warrants will be subject to accelerated expiry in the event the 21-day volume-weighted average closing price of the company's common shares on the TSX Venture Exchange exceeds 45 cents. The company expects to pay finders' fees to certain eligible persons who have introduced qualified investors to the company.
The proceeds of the private placement will be used to advance the company's exploration of its Fish Lake Valley Lithium exploration project in Nevada and for general working capital.
About American Lithium Corp.
American Lithium Corp. is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. American Lithium holds options to acquire Nevada lithium brine claims totaling 22,332 acres (9,038 ha), including 18,552 contiguous acres (7,508 ha) in Fish Lake Valley, Esmeralda County; 2,240 acre (907 ha) San Emidio Project in Washoe County; and the 1,540 acre (623 ha) Clayton-Valley-1 Project. The Company's Fish Lake Valley lithium brine properties are located approximately 38 kilometers from Albemarle's Silver Peak, the largest lithium operation in the U.S., approximately 3.5 hours from the Tesla Gigafactory.
American Lithium is listed on the TSXV under the trading symbol "Li". For further information, please visit the Company's website at www.americanlithiumcorp.com.