American Lithium Corp (AMLI)

[TradingCharts]

American Lithium to Reduce Royalty Obligations for TLC Project and Expand Holdings in Esmeralda Lithium District in Nevada


The Company also announces that it has reached an agreement to acquire all of the outstanding share capital of an arms-length Nevada company (“NevadaCo”) which holds the rights to a series of lode mining claims totaling approximately 2,000 acres contiguous to and north and northwest of the TLC property. The claims are highly prospective for lithium claystone, based on projections from recent drilling work conducted by the Company on the TLC Property, and surface sampling of an outcrop to the north of the property. NevadaCo holds all rights to the claims, and they are not subject to any ongoing royalties or encumbrances.

In consideration for the acquisition of all of the outstanding share capital of NevadaCo, the Company has agreed to issue 4,000,000 common shares, at a deemed price of Cdn$1.36 per share, to the existing shareholders of NevadaCo. Completion of the acquisition of NevadaCo remains subject to the approval of the TSX Venture Exchange.
https://finance.yahoo.com/news/american-lithium-reduce-royalty-obligations-131344743.html