TSX-V-listed American Lithium has completed its strategic investment in Surge Battery Metals as part of a private placement announced by the company.
American Lithium invested C$5.36-million in Surge and now holds 9.7% of the shares of that company. As part of its investment, American Lithium has the right to elect a director to the Surge board of directors and has elected Ted O’Connor, its executive VP, to represent the company.
American Lithium has also entered into an advisory agreement with Surge pursuant to which it will provide technical advice to Surge in relation to the ongoing exploration and development of the Nevada North lithium project.
“We are very pleased with this investment which will enable the continued exploration and development of the Nevada North lithium project, a claystone project which we believe is highly prospective with the potential to be a large-scale, high-grade deposit,” said CEO Simon Clarke.
“Our team has over six years of claystone experience successfully discovering, de-risking and developing the TLC project and this investment further reinforces our position as a leader in claystone development in Nevada.
“We believe that the potential of the higher quality Nevada claystone projects to provide near-term, high purity lithium products, without the need for refining/upgrading overseas, positions them as a key source of truly secure domestic supply unlike many other sources of lithium across North America.”