American Lithium Corp. (TSXV: LI) announced last night that it has completed its previously announced non-brokered private placement for aggregate proceeds of $15.0 million. The offering consisted of 7.5 million units sold at $2.00 per unit.
Under the terms of the financing, each unit consisted of a common share and one-half of a common share purchase warrant. Each whole warrant entitles the bearer to purchase a common share at $3.00 per share until April 29, 2024.
The company said proceeds of this funding will be used to continue the development of its TLC lithium project in Nevada, the development of its Falchani and Macusani projects in Peru once the acquisition of Plateau Energy Metals Inc. closes, and for general working capital purposes.
American Lithium Corp. last traded at $2.08 on the TSX Venture.
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