VANCOUVER, British Columbia, June 01, 2022— American Lithium Corp. (“American Lithium” or the Company”) (TSX-V: LI, OTCQB: LIACF, Frankfurt: 5LA1) is pleased to confirm that it has signed an agreement to acquire additional concessions in Southern Peru. In addition, it has entered into agreements relating to public relations and marketing activities.
Acquisition of Concessions in Southern Peru
The Company, through its Peruvian subsidiary, Macusani Yellowcake S.A.C., has entered into a mining rights transfer agreement (the “Transfer Agreement”) with an arms-length third-party, pursuant to which it will acquire the rights to a series of mining concessions (the “Concessions”) covering approximately 14,243 hectares in Southern Peru. The Concessions are highly prospective and will further broaden the Company’s existing asset base and operations in Peru.
In consideration for the Concessions, the Company has agreed to pay US$400,000 and to issue 2,250,000 common shares (the “Consideration Shares”) to the vendor. Completion of the transaction contemplated by the Transfer Agreement remains subject to completion of applicable transfer registrations in Peru and the approval of the TSX Venture Exchange. All Consideration Shares issued to the vendor will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws.
Simon Clarke, CEO of American Lithium, stated “we are very pleased to be able to add these large, highly prospective concessions, close to the areas where we have generated some of the best exploration results to date.”
Public Relations Update
The Company has retained the services of New York-based Vorticom Inc. (“Vorticom”) to perform high-impact Public Relations services in the United States. Vorticom is a New York-based, award-winning public relations firm that specializes in generating strategic media placements for its corporate clients.
The agreement entered into with Vorticom is effective as of June 01, 2022, (the “Vorticom Agreement”) and Vorticom will receive consideration of US$10,000 per month for a 12-month term. The Company has also agreed to grant 100,000 incentive stock options (the “Options”) to Vorticom, which have a term of 5 years and are exercisable at a price of $2.74 per common share. The Options will vest over a period of 12 months, with 25% of such Options vesting every quarter following their issuance, beginning three months from the date hereof.
The Vorticom Agreement is subject to the approval of the TSX Venture Exchange.
Marketing Update
American Lithium has also engaged Ptolemy Capital Limited (“Ptolemy”), trading as Crux Investor (“Crux”), to provide content creation, distribution and dissemination services to the Company, as defined in accordance with the policies of the TSX Venture exchange and applicable securities laws.
Pursuant to the agreement entered into with Crux, which is effective as of June 01, 2022 (the “Crux Agreement”), Crux will receive consideration of US$3,650/month, payable quarterly in advance, for an initial 3-month term which may be extended for additional 3-month periods.
Crux, a company based in London, United Kingdom, provides content distribution via videos, podcasts, social media and written articles. This includes dissemination and syndication across private and public investor platforms and services. To the best of American Lithium’s knowledge, neither Ptolemy, Crux, nor any of its principals hold any securities of American Lithium.
The Crux Agreement is subject to the approval of the TSX Venture Exchange. |
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