NILI closes up 15% w/ 5x the average volume Surge Battery Metals (NILI.v NILIF) closed up 15% with almost 5 times the average volume today (up over 160% in the past month) following a strategic equity investment from American Lithium Corp (Tickers: AMLI & LI, Market Cap: $561M) in a non-brokered private placement for gross proceeds of up to $7,160,000.
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 has additionally appointed Graham Harris, as Chair of NILI's Board of Directors! With over 40 years of experience in the financial industry, Harris was previously the founder, chair and director of Millennial Lithium Corp which was acquired by Lithium Americas (LAC) for $490M.
Set to begin a drill program end of June/early July, NILI's Nevada North Lithium Project 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.
The program is 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 growth potential going forward.
Posted on behalf of Surge Battery Metals Inc.