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American Lithium to raise up to C$3.6mln via private placement

The company can choose to increase the size of the placement, depending on market conditions
The securities issued under the private placement will be subject to a four-month hold period.

American Lithium Corp. (CVE:LI) said it is raising up to C$3.6mln through a non-brokered private placement deal, comprising the issue of up to 12 mln units at 30 Canadian cents per unit.

Each unit will comprise one common share and one common share purchase warrant, the company said in a statement. Each warrant will entitle the holder to buy one common share at 40 Canadian cents per share for a period of 24 months from the closing date.

READ: American Lithium mystified by this week's 54% share price spike

The company can choose to increase the size of the placement, depending on market conditions.

American Lithium said it may also pay a finder's fee with respect to the issue and sale of some or all of the units. The fee will not be more than an 8% cash payment.

READ: American Lithium's share consolidation to take effect on 28 August

The securities issued under the private placement will be subject to a four-month hold period, the company added.

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American Lithium Corp Timeline

April 13 2018

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