American Lithium Corp. (“American Lithium” or the “Company”)
(TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to announce
the appointment of Ms. Claudia Tornquist to the Board of Directors
and Ted O’Connor as Executive Vice President of the Company.
“We are very pleased with the addition of
Claudia to the Board as our new Audit Chair and with Ted’s new role
as a key member of our Executive Team,” stated Andy Bowering,
Chairman of the Board. “Claudia has a strong reputation in the
mining world and has served in a number of high-profile roles both
on the junior side and senior side of the sector and her knowledge
and understanding of the financial aspects of mining make her a
strong choice as Audit Chair.
“Ted has demonstrated his technical and
management strengths in the year since we acquired Plateau Energy
and his knowledge of both lithium and uranium geology in general
and our Projects specifically make him a great fit in our Executive
Team. While we welcome him in his new role, we would also thank him
for his efforts as a director and our previous Audit Chair.”
Ms. Tornquist, benefiting from many years of
experience in the mining industry, serves currently as President,
CEO, and director of Kodiak Copper Corp. Previously, she served as
Executive Vice President of Business Development at Sandstorm Gold,
a gold streaming and royalty company. Additionally, she worked for
nine years at Rio Tinto, as general manager in strategy, business
evaluation, M&A and business development. In her various senior
management roles at the world’s second largest mining
multinational, she developed considerable expertise in assessing
and evaluating the financial merits of large-scale mineral
development projects across a variety of commodities including
lithium.
Ms. Tornquist is also a director of Silver One
Resources and is a former director of Kennady Diamonds, which was
acquired by Mountain Province. Additionally, she has worked as a
consultant to Western Potash, which was acquired by China National
Offshore Oil Corp. Ms. Tornquist holds a Master’s degree in
engineering and Master’s degree in business administration.
Mr. O’Connor will be transitioning from his
current role as a Company director and chair of the audit committee
to a more hands-on role as Executive Vice President of Exploration
and Development.
Mr. O’Connor is a professional geoscientist with
over 30 years of experience in the exploration industry.
Previously, he served as CEO and a director of Plateau Energy
Metals, which was acquired by American Lithium last year. Between
2014 and 2021, he played a key role in Plateau’s development of the
Macusani uranium district and the discovery of the Falchani Lithium
deposit in southeast Peru. His expertise in developing uranium
deposits draws from nearly two decades as a senior geologist,
global manager of exploration alliances, and ultimately as a
director of corporate development for Cameco, one of the world’s
largest uranium miners. Mr. O’Connor is a professional geologist
with a Master’s degree in Geosciences.
Options and RSU grantsIn
connection with the above appointment of Claudia Tornquist and the
appointment of two key consultants, the Company also announces that
it has granted an aggregate of 250,000 incentive stock options (the
“Options”) and 225,000 restricted share units (the
“RSUs”) in accordance with the Company’s incentive
plan (the “Incentive Plan”), and as compensation
for ongoing services rendered to the Company. The Options vest over
a period of 12 months and are exercisable at a price of $1.91 until
July 4, 2027. Each RSU represents the right to receive, once
vested, one common share in the capital of the Company. The RSUs
vest on July 4, 2024, subject to earlier vesting in the event of a
change of control and subject to the polices of the TSX Venture
Exchange.
While the Incentive Plan has been adopted by the
board of directors of the Company, it remains subject to
ratification by shareholders of the Company and approval of the TSX
Venture Exchange. Shareholder ratification for the Incentive Plan,
along with any RSUs granted to rate, will be sought at the upcoming
annual general meeting of shareholders. In accordance with the
policies of the TSX Venture Exchange, the Company is required to
obtain disinterested shareholder approval for the implementation of
the Incentive Plan, as well as any grants completed under the
Incentive Plan prior to such approval being obtained. Any
shareholders who are entitled to receive RSUs in accordance with
the Incentive Plan will be excluded from voting on any resolution
to ratify the implantation of the Incentive Plan. No RSUs will
vest, and no common shares of the Company will be issued in
connection with any outstanding RSUs, until such time as the
Incentive Plan has received approval of disinterested shareholders
and the TSX Venture Exchange. In the event such approvals are not
received prior to December 31, 2022, all RSUs will be automatically
cancelled without any further right or entitlement.
About American
LithiumAmerican Lithium, a member of the TSX Venture 50,
is actively engaged in the acquisition, exploration and development
of lithium projects within mining-friendly jurisdictions throughout
the Americas. The Company is currently focused on enabling the
shift to the new energy paradigm through the continued exploration
and development of its strategically located TLC lithium claystone
project in the richly mineralized Esmeralda lithium district in
Nevada as well as continuing to advance its Falchani lithium and
Macusani uranium development projects in southeastern Peru. Both
Falchani and Macusani have been through preliminary economic
assessments, exhibit strong additional exploration potential and
are situated near significant infrastructure.
On behalf of the Board of Directors of
American Lithium Corp.
“Simon Clarke”
CEO & Director
Tel: 604 428 6128
For further information, please contact:
American Lithium
Corp. |
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Email:
info@americanlithiumcorp.com |
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Website:
www.americanlithiumcorp.com |
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Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward
Looking InformationThis news release contains certain
forward-looking information and forward-looking statements
(collectively “forward-looking statements”) within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the ability to appeal the
judicial ruling, and any other statements regarding the business
plans, expectations and objectives of American Lithium.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend", “indicate”, “scheduled”, “target”, “goal”, “potential”,
“subject”, “efforts”, “option” and similar words, or the negative
connotations thereof, referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management are not, and cannot be, a guarantee of
future results or events. Although American Lithium believes that
the current opinions and expectations reflected in such
forward-looking statements are reasonable based on information
available at the time, undue reliance should not be placed on
forward-looking statements since American Lithium can provide no
assurance that such opinions and expectations will prove to be
correct. All forward-looking statements are inherently uncertain
and subject to a variety of assumptions, risks and uncertainties,
including risks, uncertainties and assumptions related to: American
Lithium’s ability to achieve its stated goals; risks and
uncertainties relating to the COVID-19 pandemic and the extent and
manner to which measures taken by governments and their agencies,
American Lithium or others to attempt to reduce the spread of
COVID-19 could affect American Lithium, which could have a material
adverse impact on many aspects of American Lithium’s businesses
including but not limited to: the ability to access mineral
properties for indeterminate amounts of time, the health of the
employees or consultants resulting in delays or diminished
capacity, social or political instability in Peru which in turn
could impact American Lithium’s ability to maintain the continuity
of its business operating requirements, may result in the reduced
availability or failures of various local administration and
critical infrastructure, reduced demand for the American Lithium’s
potential products, availability of materials, global travel
restrictions, and the availability of insurance and the associated
costs; the judicial appeal process in Peru, and any and all future
remedies pursued by American Lithium and its subsidiary Macusani to
resolve the title for 32 of its concessions; risks regarding the
ongoing Ontario Securities Commission regulatory proceedings; the
ongoing ability to work cooperatively with stakeholders, including
but not limited to local communities and all levels of government;
the potential for delays in exploration or development activities
due to the COVID-19 pandemic; the interpretation of drill results,
the geology, grade and continuity of mineral deposits; the
possibility that any future exploration, development or mining
results will not be consistent with our expectations; risks that
permits will not be obtained as planned or delays in obtaining
permits; mining and development risks, including risks related to
accidents, equipment breakdowns, labour disputes (including work
stoppages, strikes and loss of personnel) or other unanticipated
difficulties with or interruptions in exploration and development;
risks related to commodity price and foreign exchange rate
fluctuations; risks related to foreign operations; the cyclical
nature of the industry in which American Lithium operates; risks
related to failure to obtain adequate financing on a timely basis
and on acceptable terms or delays in obtaining governmental
approvals; risks related to environmental regulation and liability;
political and regulatory risks associated with mining and
exploration; risks related to the uncertain global economic
environment and the effects upon the global market generally, and
due to the COVID-19 pandemic measures taken to reduce the spread of
COVID-19, any of which could continue to negatively affect global
financial markets, including the trading price of American
Lithium’s shares and could negatively affect American Lithium’s
ability to raise capital and may also result in additional and
unknown risks or liabilities to American Lithium. Other risks and
uncertainties related to prospects, properties and business
strategy of American Lithium are identified in the “Risks and
Uncertainties” section of Plateau’s Management’s Discussion and
Analysis filed on January 19, 2021, in the “Risk Factors” section
of American Lithium’s Management’s Discussion and Analysis filed on
January 29, 2021, and in recent securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward-looking statements. American Lithium
undertakes no obligation to update forward-looking statements
except as required by applicable securities laws. Investors should
not place undue reliance on forward-looking statements. Cautionary
Note Regarding Macusani Concessions Thirty-two of the 151
concessions held by American Lithium’s subsidiary Macusani, are
currently subject to Administrative and Judicial processes
(together, the “Processes”) in Peru to overturn resolutions issued
by INGEMMET and the Mining Council of MINEM in February 2019 and
July 2019, respectively, which declared Macusani’s title to 32 of
the concessions invalid due to late receipt of the annual validity
payments. In November 2019, Macusani applied for injunctive relief
on 32 concessions in a Court in Lima, Peru and was successful in
obtaining such an injunction on 17 of the concessions including
three of the four concessions included in the Macusani Uranium
Project PEA. The grant of the Precautionary Measure (Medida
Cautelar) has restored the title, rights and validity of those 17
concessions to Macusani until a final decision is obtained at the
last stage of the judicial process. A Precautionary Measure
application was made at the same time for the remaining 15
concessions and was ultimately granted by a Court in Lima, Peru on
March 2, 2021 which has also restored the title, rights and
validity of those 15 remaining concessions to Macusani, with the
result being that all 32 concessions are now protected by
Precautionary Measure (Medida Cautelar) until a final decision on
this matter is obtained at the last stage of the judicial process.
The favourable judge’s ruling confirming title to all 32
concessions from November 3, 2021 represents the final stage of the
current judicial process. However, this ruling has recently been
appealed by MINEM and INGEMMET. American Lithium has no assurance
that the outcome of these appeals will be in the Company’s
favour.
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