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TheNewswire American Salars Lithium Inc. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI,OTC:USLIF, OTC: USLIF, FWB: Z3P, WKN: A3E2NY ) announces today it will be seeking the Canadian Securities Exchange (the " CSE ") approval to consolidate all of its issued and outstanding common shares (the " Common Shares ") on the basis of 10:1, with each ten (10) pre-consolidated Common Shares being consolidated into one (1) post-consolidated Common Share (the " Share Consolidation "). In accordance with the Company's articles, shareholder approval will not be required for the Share Consolidation. The Share Consolidation has been approved by the Company's board of directors.
The Share Consolidation would result in the number of issued and outstanding Common Shares being reduced from the current outstanding 36,130,605 Common Shares to approximately 3,613,060 Common Shares. The Company also has outstanding warrants in the amount of 3,500,000 reserved for issuance, equal to approximately 350,000 Common Shares on a post consolidation basis and stock options to purchase 3,620,000 Common Shares reserved for issuance, equal to 326,000 Common Shares on a post consolidation basis.
No fractional shares will be issued as a result of the Share Consolidation. Any fractional shares resulting from the Share Consolidation will be rounded down to the next whole Common Share, and no cash consideration will be paid in respect of fractional shares.
The Company's board of directors believes that the Share Consolidation will provide the Company with greater flexibility for the continued development of its business and the growth of the Company, including financing arrangements. There is no change of business associated or being effected with respect of the Share Consolidation. In addition, the Company will not be changing its name or stock symbol during the Share Consolidation.
The Company will issue a further news release announcing the effective date with the new CUSIP and ISIN numbers.
ABOUT AMERICAN SALARS
American Salars Lithium is an exploration company focused on exploring and developing high-value battery metals projects to meet the demands of the advancing electric vehicle market.
All Stakeholders are encouraged to follow the Company on its social media profiles on , , TikTok , and Instagram .
On Behalf of the Board of Directors,
" R. Nick Horsley "
R. Nick Horsley, CEO
For further information, please contact:
American Salars Lithium Inc.
Phone: 604.740.7492
E-Mail: info@americansalars.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding American Salar's intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits American Salars will obtain from them. These forward-looking statements reflect managements' current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including American Salars results of exploration or review of properties that American Salars does acquire. These forward-looking statements are made as of the date of this news release and American Salars assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.
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