American Lithium Corp (CVE:LI) has issued a statement declaring that management does not know of any reason why the shares have risen sharply this week.
The stock closed at C$0.64 on Friday, up 6.7% on the day and 54.2% on the day, on zero news flow.
At the request of the Investment Industry Regulatory Organization of Canada, the company confirms that its management is unaware of any material change in the operations of the company that would account for the recent increase in market activity.
The company undertook a share consolidation last month that saw 10 old shares replaced by one new one, which had the effect of multiplying the share price by 10.
The company said it needed to restructure in order to attract the necessary capital to fund exploration of its Fish Lake project in Nevada.
The company also announced at the end of August that it had recently renewed all of its Bureau of Land Management (BLM) licenses at Fish Lake for a further 12 months and has decided to focus its efforts on these core assets "at this time".