Upsize of previously announced Private Placement to $35 M Not for distribution to United States newswire services or for dissemination in the United States
VANCOUVER, British Columbia, Oct. 14, 2021 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI) (OTCQB:LIACF) (Frankfurt:5LA1) is pleased to announce that, in connection with its previously announced private placement offering of units (“Units”), it has entered into an amended agreement with Eight Capital, on behalf of a syndicate of agents including Echelon Wealth Partners Inc. and TD Securities Inc., as co-lead agents and joint bookrunners (together the “Agents”) pursuant to which the Corporation has increased the size of the private placement to up to 13,208,000 Units at an offering price of $2.65 per Unit (the “Issue Price”), for aggregate gross proceeds of up to $35,001,200 (the “Offering”), to accommodate investor demand.
Each Unit will be comprised of one common share in the capital of the Company (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of $4.00 per Share, for a period of 24 months following the closing of the Offering.
In connection with the up-size, the Agents will no longer have an over-allotment option to increase the size of the Offering beyond the current Offering size.
The gross proceeds of the Offering will be used for exploration and development of the Company’s TLC Project, Falchani Project and the Macusani Project, and for working capital and general corporate purposes.
The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
The Offering is scheduled to close on or about November 3, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including that of the TSX Venture Exchange. All securities to be issued in connection with the Offering will be subject to a statutory hold period expiring four-months-and-one-day following closing of the Offering.
https://www.globenewswire.com/news-release/2021/10/14/2314611/0/en/American-Lithium-announces-Upsize-of-previously-announced-Private-Placement-to-35-Million.html