American Lithium Closes Oversubscribed Private Placement

Core Viewpoint - American Lithium Corp. has successfully closed a non-brokered private placement, raising gross proceeds of $9,400,000 to advance its projects and for general corporate purposes [1][4]. Group 1: Private Placement Details - The private placement involved the issuance of 34,814,815 units at a price of $0.27 per unit, each consisting of one common share and one warrant [2]. - Each warrant allows the holder to purchase one common share at an exercise price of $0.50 for 36 months from the closing date [2]. - The placement was made to qualified investors in designated provinces of Canada and is subject to a four-month hold period under Canadian securities laws [3]. Group 2: Use of Proceeds - The net proceeds from the private placement will be used to continue advancing projects in Nevada and Peru, as well as for general corporate purposes [4]. Group 3: Insider Participation - Insiders of the company subscribed for a total of 11,111,111 units, contributing gross proceeds of $3,000,000, which is classified as a related party transaction [5]. - The company relied on exemptions from formal valuation and minority shareholder approval requirements due to the transaction's size relative to its market capitalization [5]. Group 4: Company Overview - American Lithium is focused on developing two major lithium projects and the largest undeveloped uranium project in Latin America, including the TLC claystone lithium project in Nevada and the Falchani hard rock lithium project in Peru [7]. - All projects have undergone preliminary economic assessments and show significant expansion potential with strong community support [7].