American Lithium arranges strategic investment for Surge Battery Metals
TSX-V-listed American Lithium has arranged a strategic investment for Surge Battery Metals to be completed by way of non-brokered private placement of up to 17.9-million units at $0.40 each.
Each unit will consist of one common share and one share purchase warrant exercisable for a period of three years at a price of $0.55 a share.
Upon completion of the private placement, American Lithium is expected to own approximately 9.9% of Surge’s issued and outstanding common shares on an undiluted basis.
“We are pleased to make this strategic investment with Surge to support the further development of their Nevada North Lithium claystone project. In addition to this funding support, our seven years exploring and developing claystones in Nevada will provide Surge with valuable experience in exploration, process and metallurgical study, permitting and general operational matters in the region,” said American Lithium chairperson Andrew Bowering.
The proceeds of the private placement will be used by Surge for advancement and development of the Nevada North project and for general working capital purposes.
In conjunction with closing American Lithium’s portion of the private placement, Ted O’Connor, executive VP of American Lithium, will be appointed to the board of directors of the company.
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