AmeriLithium Corp., a mining company focused on developing into one of the leading U.S. players in the global lithium industry, today announced it has signed an equity line financing agreement with the U.S. and UK-based investment fund TCA Global Master Credit Fund, LP for up to $2.5 million over a 24-month period.
Per the agreement, TCA Global has committed to purchase up to $2.5 million of AmeriLithium’s common stock at a discount of 5 percent to the market price using a five-day forward volume weighted average price.
Matthew Worrall, AmeriLithium’s CEO, said the company will allocate the funds to develop its assets, and noted the timeliness of the financing agreement.
“We’ve taken on this finance agreement so we can utilize it to the best advantage of the company and ensure the continued development of the company’s asset base. In light of having begun the planning and permitting for a targeted drilling program on our four Nevada-based lithium brine properties, this financing agreement has come at just the right time. We now have both the data from our recently-completed geophysical exploration and the funding we need to move to the next phase of exploration for commercial lithium-bearing brine concentrations in Nevada,” Worrall stated in the press release.
In regards to the corporate financial strategy behind this agreement, Worrell said, “Having an equity facility available to the Company, such as the agreement with TCA, allows the company to transition towards a healthier, less debt reliant, balance sheet.”
In a separate transaction, AmeriLithium also announced it has received $250,000 in the form of a convertible promissory note.
For more information visit www.AmeriLithium.com
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