American Lithium Acquisition Target, Plateau Energy Metals, Receives Shareholder Support for Merger – Land Package Expande...
May 03 2021 - 4:58PM
American Lithium Corp. (TSXV: LI) (OTCQB: LIACF)
(Frankfurt: 5LA1) (“
American Lithium” or
the “
Company”), a leader in the acquisition,
exploration and development of lithium projects, is pleased to
announce that Plateau Energy Metals (“Plateau”) received
overwhelming shareholder support for its business combination with
American Lithium at the Special Meeting of its stakeholders held
earlier today.
Highlights:
-
Plateau shareholder and option holder vote was conducted by
Special Resolution earlier today with overwhelming support (99.8%)
for the Plan of Arrangement;
-
Closing of Plan of Arrangement is subject to final approval
of the Ontario Superior Court of Justice and the TSX Venture
Exchange, and other customary closing conditions;
-
Closing is anticipated to occur on or about Tuesday May 11,
2021;
-
On Close, American Lithium will acquire all issued and
outstanding common shares of Plateau on the basis of 0.29 units of
American Lithium for each Plateau share held;
-
Each whole unit comprises one common share in American
Lithium and one-half of a common share purchase warrant in American
Lithium;
-
Transaction positions American Lithium as a leading,
diversified, consolidator of lithium development assets in the
Americas;
Simon Clarke, CEO and Director of American
Lithium stated, “we are very pleased that stockholders of Plateau
have voted overwhelmingly in favour of this transaction. We
continue to believe that synergies between the two companies, in
respect of both teams and projects, are substantial and that this
acquisition will position American Lithium as a diversified leader
in the development of large-scale lithium and clean energy
projects.”
Additional Property Acquisition
American Lithium also announces that it has
reached an agreement to acquire a 100% interest in a series of
mining claims totalling 2,260 acres contiguous and to the west of
the existing TLC project. The claims are not subject to any
royalties or encumbrances. This acquisition provides the Company
with significant additional prospective acreage at TLC and improves
access to the west side of the project. Further, this addition
protects the Company’s existing claims in areas where exploration
results to date have been very promising.
The acquisition is being accomplished through
the purchase of the share capital of an arm’s-length British
Columbia corporation (“AcquisitionCo”) which
controls all rights to the claims. Pursuant to the agreement, the
Company has agreed to issue 4,000,000 common shares to the existing
shareholder of AcquisitionCo. No finders’ fees or commissions are
payable in connection with the acquisition and the acquisition
remains subject to the approval of the TSX Venture Exchange.
Simon Clarke, CEO and Director of American
Lithium stated, “we are pleased to be able to add this strategic
acreage to the TLC Project at a time when we await approval of our
Plan of Operations filed with the Bureau of Land Management in
January. That Plan of operations will enable us to conduct
significantly more drilling and additional exploration across the
Project, including at this new package of claims, as we look to
refine, expand and high grade our large-scale resource and to
collect bulk samples across the project as we conduct work to
finalize our process engineering.”
About American LithiumAmerican
Lithium, a member of the TSX Venture 50, is actively engaged in the
acquisition, exploration and development of lithium deposits within
mining-friendly jurisdictions throughout the Americas. The
company is currently exploring and developing the TLC lithium
project located in the highly prospective Esmeralda lithium
district in Nevada. TLC is close to infrastructure, 3.5 hours
south of the Tesla Gigafactory, and in the same basinal environment
as Albemarle’s Silver Peak lithium mine and several advancing
deposits and resources, including Ioneer Ltd.’s (formerly Global
Geoscience) Rhyolite Ridge and Cypress Development Corp.’s Clayton
Valley Project.
Please watch our corporate video
at https://www.americanlithiumcorp.com and review our
informative short project update videos and related background
information
at https://www.americanlithiumcorp.com/projects/tlc-nevada/.
For more information, please contact the Company
at info@americanlithiumcorp.com or visit our website
at www.americanlithiumcorp.com. Follow us
on Facebook, Twitter and LinkedIn.
On behalf of the Board,
American Lithium Corp.Simon
Clarke, Chief Executive OfficerTel: 604 428 6128
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-looking
statementsStatements in this release that are
forward-looking information are subject to various risks and
uncertainties concerning the specific factors disclosed here.
Statements in this release that are forward-looking information,
include, without limitation, the anticipated close of the
acquisition of Plateau Energy Metals Inc. t; and the potential of
the additional acreage being acquired on the West side of the TLC
Project. Information provided in this release is necessarily
summarized and may not contain all available material information.
All such forward-looking information and statements are based on
certain assumptions and analyses made by American Lithium
management in light of their experience and perception of
historical trends, current conditions and expected future
developments, as well as other factors management believes are
appropriate in the circumstances. These statements, however, are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking information or statements.
Important factors that could cause actual results to differ from
these forward-looking statements include those described under the
heading “Risks Factors” in American Lithium's most recently filed
Annual Information Form and MD&A. The Company does not intend,
and expressly disclaims any obligation to, update or revise the
forward-looking information contained in this news release, except
as required by law. Readers are cautioned not to place undue
reliance on forward-looking information or statements.
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