American Lithium Corp. (TSXV: LI) announced last night that it has entered into an agreement to conduct a private placement. The financing is reported to be for aggregate gross proceeds of $20.0 million.
The private offering, made with Eight Capital on behalf of a syndicate of agents, comprises 7,548,000 company units at $2.65 per unit. 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 $4.00 per share within two years from closing.
The company said the proceeds of this funding will be used for the exploration and development of its TLC project, Falchani Project, and the Macusani Project, and for working capital and general corporate purposes.
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American Lithium Corp. last traded at $2.89 on the TSX Venture.
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