LI makes strategic investment into NILI in $7M PP Surge Battery Metals (NILI.v NILIF) is up 14% with almost times the average volume today (up over 100% in the past month) after announcing a non-brokered private placement for gross proceeds of up to $7,160,000 which includes a strategic equity investment from American Lithium Corp (Tickers: AMLI & LI, Market Cap: $561M) during yesterdays halt.
This is a strategic investment for LI as it provides them ownership over ~9.9% of NILI's issued and outstanding common shares on a non-diluted basis, plus, Executive VP of American Lithium, Ted O'Connor, will be appointed to NILI's Board of Directors.
NILI's CEO and Director, Greg Reimer, commented:
“We are excited to have American Lithium Corp. take this position in our company. As a lithium exploration and development company they have considerable expertise in the lithium space, particularly in Nevada. With this investment, Surge continues to build its expertise as we advance our Nevada North Lithium Project”.
The proceeds from the private placement will be used for the advancement and development of NILI's Nevada North Lithium Project which consists of 243 mineral claims over 1,946 hectares with significant lithium content ranging from 29.1 ppm to 5,120 ppm, including 274 samples of 508 carrying 1,000 ppm Li or greater.
With geophysicists currently on site to determine the size and depth of discovery, NILI is set to begin a drill program end of June/early July at Nevada North focused on drilling 7 new locations within an extensive surface geochemical covering an area of about 1,700m east-west. The new targets were selected to expand the currently identified lithium deposit to the west and north, as well as to determine continuity between the 2022 holes drilled.
This news is a notable sign of confidence, emphasizing the potential and richness of NILI's discovery and solidifying NILI's position for significant potential for growth going forward.
Posted on behalf of Surge Battery Metals Inc.