American Lithium Announces Corporate Restructuring
American Lithium Announces Corporate Restructuring
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
.
On behalf of the Board,
American Lithium Corp.
Michael Kobler
, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-looking statements
Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here.
Information provided in this release is necessarily summarized and may not contain all available material information. All such forward-looking information and
statements are based on certain assumptions and analyses made by American Lithium management in light of their experience and perception of historical
trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These
statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those
projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements
include those described under the heading "Risks Factors" in American Lithium's most recently filed MD&A. The Company does not intend, and expressly
disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not
to place undue reliance on forward-looking information or statements.
SOURCE
American Lithium Corp
View original content: http://www.newswire.ca/en/releases/archive/August2017/14/c8401.html
%SEDAR: 00005831E
For further information:
please contact the Company at [email protected] or visit our website at www.americanlithiumcorp.com.
CO: American Lithium Corp
CNW 13:02e 14-AUG-17