American Lithium Raises $1.25 Million

American Lithium (TSXV:LI) has announced its completion of a private placement of 10 million units at $0.125 per unit for gross proceeds of $1.25 million.
As quoted in the press release:

Each Warrant is exercisable to acquire one additional common share of the Company at a price of $0.25 per share for a period of thirty-six months.
In connection with closing of the private placement, the Company has issued 206,160 Units to persons introducing subscribers to the Company. All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period.
The private placement was oversubscribed, and we are very pleased with the level of investor interest received,” commented Michael Kobler, Interim Chief Executive Officer of the Company. “The placement will provide the Company with the working capital needed to continue exploration at the Fish Lake Valley projects in Nevada.

Click here to read the full press release.