Oxford, MS 4/8/2011 (Penny PayDay) -- American Lithium Minerals Inc. (OTC:AMLM) announced today, in a press release, that it has agreed to a private placement investment in the amount of up to $500,000. The investment comes in the form of a secured promissory note that is convertible into 1,851,851 common shares and bears interest at a rate of 4% annually. As I write, shares of American Lithium were down 7 percent at $0.28 per share on volume of 58,230 shares compared to its average daily volume of 99,110 shares. The company has a market cap of $15 million and a 52-week range between $0.25 and $1.05 per share.The investor also received a one year warrant to purchase up to 1,851,851 additional common shares at $0.27 per share.
Stated Mr. Hugh Aird, CEO of American Lithium: "We plan to use the proceeds from this private placement to expedite the development of our existing properties and to continue with our acquisition strategy of potential world class lithium projects."
American Lithium is a U.S.-based mineral exploration company focused on the development of lithium and boron resources in Nevada.
For more information, please visit www.americanlithium.com.
No comments:
Post a Comment