American Lithium arranges 1:10 share rollback
2017-08-14 13:30 ET - News Release
Mr. Michael Kobler reports
AMERICAN LITHIUM ANNOUNCES CORPORATE RESTRUCTURING
American Lithium Corp.'s board of directors has approved a restructuring of the company through a share consolidation of up to one new share for every 10 existing shares held.
The company has recently renewed all of its Bureau of Land Management (BLM) licences in Fish Lake Valley, Nevada, for a further 12 months and has decided to focus its efforts on these core assets at this time. As a consequence of these renewal costs, the company does not have the necessary funds at this time to embark on any exploration and needs to restructure in order to attract the necessary capital.
Mike Kobler, chief executive officer of American Lithium, stated: "We continue to believe that Fish Lake has the potential to provide significant returns for the company and its shareholders, and we will continue to explore all avenues of funding to enable us to continue to derisk and move these assets forward."
Completion of the share consolidation remains subject to the approval of the TSX Venture Exchange, and the company will issue a further news release prior to the consolidation taking effect.