VANCOUVER, Aug. 14, 2017 /CNW/ - American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (Frankfurt: 5LA; WKN: A2AHEL) ("American Lithium" or the "Company") announces that its board of directors has approved a restructuring of the Company through a share consolidation of up to 1 new share for every 10 existing shares held.
The Company has recently renewed all of its Bureau of Land Management ("BLM") licenses in Fish Lake Valley, Nevada ("Fish Lake") for a further 12 months and has decided to focus its efforts on these core assets at this time. As a consequence of these renewal costs, the Company does not have the necessary funds at this time to embark on any exploration and needs to restructure in order to attract the necessary capital.
Mike Kobler, CEO of American Lithium stated, "we continue to believe that Fish Lake has the potential to provide significant returns for the Company and its shareholders and we will continue to explore all avenues of funding to enable us to continue to de-risk and move these assets forward."
Completion of the share consolidation remains subject to the approval of the TSX Venture Exchange, and the Company will issue a further news release prior to the consolidation taking effect.
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; and the 2,240 acre (907 ha) San Emidio Project in Washoe County. 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. 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.
