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American Lithium closes C$1.25mln private placement

Tuesday, February 28, 2017 14:02
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American Lithium Corp (CVE:LI) said on Tuesday it has completed a private placement of 10mln units at a price of 12.5 cents per unit for gross proceeds of C$1.25mln.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant is exercisable to acquire one additional common share of the company at a price of 25 cents per share for a period of 36 months.

As a result, the company has issued 206,160 units to persons introducing subscribers to the company. All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period.

“The private placement was oversubscribed, and we are very pleased with the level of investor interest received,” said Michael Kobler, interim chief executive officer of the company.

“The placement will provide the company with the working capital needed to continue exploration at the Fish Lake Valley projects in Nevada.”

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