American Lithium Raises $4,200,000 in Private Placement

Vancouver, British Columbia--(Newsfile Corp. - January 31, 2018) - American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (FSE: 5LA) (WKN: A2AHEL) ("American Lithium" or the "Company") has completed a private placement of 12,000,000 units (each, a "Unit") at a price of $0.35 per Unit for gross proceeds of $4,200,000.  Each "Unit" consists of one common share of the Company and one common share warrant purchase warrant.  Each warrant entitles the holder to acquire an additional common share of the Company at a price of $0.75 per share for a period of twenty-four months.

No finders' fees were paid in connection with completion of the placement.  All securities issued in connection with the placement are subject to a four-month-and-one-day statutory hold period.