Vancouver, British Columbia--(Newsfile Corp. - October 12, 2017) - American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (FSE: 5LA1) (WKN: A2AHEL) ("American Lithium" or the "Company") reports it will complete a non-brokered private placement financing for proceeds of up to $3,600,000.
The private placement will consist of up to twelve million units of the Company at a price of $0.30 per unit. Each unit will be composed of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.40 per share for a period of 24 months from the closing date. The Company may increase the size of the private placement based on market conditions.
The Company may pay a finder's fee in connection with the issue and sale of some or all of the units issued under the private placement. The finder's fee shall consist of no more than an 8 percent cash payment calculated with reference to the gross proceeds of the private placement purchased by subscribers introduced by any particular finder. The securities issued in connection with the private placement will be subject to a four-month hold period under applicable exchange policies and securities laws.
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. American Lithium holds options to acquire Nevada lithium brine claims totalling 22,332 acres (9,038 hectares), including 18,552 contiguous acres (7,508 hectares) in Fish Lake Valley, Esmeralda county; and the 2,240-acre (907-hectare) San Emidio project in Washoe county. The company's Fish Lake Valley lithium brine properties are located approximately 38 kilometres from Albemarle's Silver Peak, the largest lithium operation in the United States.
