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American Lithium Completes Strategic Investment in Surge Battery Metals
VANCOUVER, British Columbia, June 12, 2023 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | NASDAQ:AML| Frankfurt:5L
About this update from American Lithium Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, June 12, 2023 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | NASDAQ:AML| Frankfurt:5LA1) announces that it has completed its strategic investment (the “Investment”) in Surge Battery Metals Inc. (\"Surge\"). The Investment of C$5,360,000 represents the full commitment from American Lithium and is the cornerstone investment in the recently announced Surge private placement. American Lithium now holds approximately 9.7% of the total issued and outstanding shares of Surge. In connection with the Investment, American Lithium has been issued 13,400,000 units (each, a \"Unit\") of Surge at a price of $0.40 per Unit with each Unit being comprised of one common share and one share purchase warrant (each, a \"Warrant\"). Each Warrant is exercisable for a period of three years from the date of issuance at a price of $0.55 per share. The securities comprising the Units and any shares underlying the Warrants may not be sold until October 10, 2023 (being four months and a day from their issuance). As part of its investment, American Lithium has the right to elect a Director to the Surge Board of Directors and has elected Ted O’Connor, its Executive Vice President, to represent the Company and he has been appointed with immediate effect. The Company has also entered into an Advisory Agreement with Surge pursuant to which it will provide technical advice to Surge in relation to the ongoing exploration and development of the Nevada North Lithium Project and will be provided all relevant data. Simon Clarke, CEO of the Company commented, “we are very pleased with this investment which will enable the continued exploration and development of the Nevada North Lithium Project, a claystone project which we believe is highly prospective with the potential to be a large-scale, high-grade deposit. Our team has over 6 years of claystone experience successfully discovering, de-risking and developing the TLC Project and this investment further reinforces our position as a leader in claystone development in Nevada. We believe that the potential of the higher quality Nevada claystone projects to provide near-term, high purity lithium products, without the need for refining / upgrading overseas, positions them as a key source of truly secure domestic supply unlike many oth...