Battery Metals

Plateau Energy Metals Inc. (" Plateau " or the " Company ") (TSX-V: PLU | OTCQB: PLUUF) is pleased to announce that Plateau shareholders and optionholders (the " Securityholders ") have approved the plan of arrangement (" Arrangement ") with American Lithium Corp. (" American Lithium ") announced on February 9, 2021.

The Arrangement was approved by:

  • 99.809% of the votes cast by Plateau shareholders; and
  • 99.827% of the votes cast by Plateau Securityholders, voting together as a single class.

In addition, the Arrangement was approved by a simple majority of the votes cast by Securityholders, excluding the votes cast in respect of the Plateau common shares held by certain related parties (as defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ) .

This year, in light of the ongoing COVID-19 pandemic, the special meeting of Securityholders (the " Meeting ") was held by way of virtual only format whereby Securityholders participated in the Meeting remotely.

The Ontario Superior Court of Justice hearing for the final order to approve the Arrangement is expected to occur on May 4, 2021 and closing of the Arrangement is expected to be completed on or about May 11, 2021, subject to the receipt of applicable regulatory approvals and the satisfaction of certain other closing conditions customary in transactions of this nature, including, without limitation, the final approval of the TSX Venture Exchange.

"We want to thank the Securityholders for their overwhelming support in favour of the transaction," stated Dr. Laurence Stefan, Plateau's interim CEO. "The completion of the Arrangement will be a positive step forward in the next phase for Plateau and all of its stakeholders."

Simon Clarke, CEO and Director of American Lithium stated, "We are very pleased that Securityholders of Plateau have voted overwhelmingly in favour of this Arrangement. We continue to believe that the synergies between the two Companies, their respective teams and respective projects are substantial and that this acquisition will position the combined company as a diversified leader in the development of large-scale lithium and clean energy projects."

In connection with the Arrangement, American Lithium will acquire all outstanding shares of Plateau at the previously announced exchange ratio of 0.29 units (each whole unit, an " Exchange Unit ") of American Lithium for each share of Plateau held, and Plateau will become a wholly owned subsidiary of American Lithium.

Each Exchange Unit will consist of one (1) common share of American Lithium plus one-half (0.5) of a common share purchase warrant of American Lithium (each whole such warrant, an " Exchange Warrant "). Each Exchange Warrant will entitle the holder to acquire one (1) additional common share of American Lithium at an exercise price of C$3.00 for a period of thirty-six (36) months from completion of the Arrangement. American Lithium will use commercially reasonable efforts to list the Exchange Warrants on the TSX Venture Exchange as soon as practicable following closing of the Arrangement.

Each existing Plateau share purchase warrant will, upon the exercise thereof on or after the effective time of the Arrangement, in accordance with its terms, entitle the holder to acquire 0.29 of a common share in the capital of American Lithium and 0.145 of a common share purchase warrant of American Lithium for each Plateau share the warrant holder would have been entitled to acquire prior to the closing of the Arrangement.

Existing Plateau stock options will be exchanged for an option to acquire from American Lithium the number of American Lithium common shares equal to the product of: (A) the number of Plateau common shares subject to such Plateau stock option immediately prior to the effective date of the Arrangement, multiplied by (B) 0.29 of an American Lithium Shares for each Plateau common share. All RSUs and DSUs of Plateau will vest immediately prior to the effective time of the Arrangement and each RSU and DSU pf Plateau will be exchanged for one (1) Plateau common share. The former holders of RSUs and DSUs of Plateau, will, following the exchange, participate in the Arrangement as Plateau shareholders.

None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United State Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and any securities issued pursuant to the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Shares for Services Issuance

Plateau also reports that is issuing 20,836 common shares pursuant to the shares for services agreement with Foxrock Investment Ltd. (an arm's length party), previously approved by the TSX Venture Exchange, for services provided during the three months ended February 28, 2021.

The shares are being issued pursuant to the prospectus exemption contained in section 2.24 of National Instrument 45-106 - Prospectus Exemptions , and are not subject to trading restrictions pursuant to the provisions of NI 45-102 - Resale of Securities (" NI 45-102 ") since the criteria contained in NI 45-102 2.6(3) are met.

Additional details can be found in the Company's news release dated September 4, 2020.

Ab out Plateau Energy Metals

Plateau Energy Metals Inc ., a Canadian exploration and development company, is enabling the new energy paradigm through exploring and developing its Falchani lithium project and Macusani uranium project in southeastern Peru, both of which are situated near significant infrastructure.

About American Lithium
American Lithium (TSXV:LI | OTCQB:LIACF | Frankfurt:5LA1) is actively engaged in the acquisition, exploration and development lithium deposits within mining-friendly jurisdictions throughout the Americas. The company is currently exploring and developing the TLC lithium project located in the highly prospective Esmeralda lithium district in Nevada. TLC is close to infrastructure, 3.5 hours south of the Tesla Gigafactory, and in the same basinal environment as Albemarle's Silver Peak lithium mine, and several advancing deposits and resources, including Ioneer Ltd.'s (formerly Global Geoscience) Rhyolite Ridge and Cypress Development Corp.'s Clayton Valley Project.

For further information, please contact:
Plateau Energy Metals Inc.
Laurence Stefan, Director,
President & Interim CEO Facebook: www.facebook.com/pluenergy/
+1-416-628-9600 Twitter: www.twitter.com/pluenergy/
IR@PlateauEnergyMetals.com Website: www.PlateauEnergyMetals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements
This news release contains certain forward-looking information and forward-looking statements (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. These include statements regarding the intent of American Lithium and Plateau (the "Companies"), or the beliefs or current expectations of the officers and directors of the Companies post-closing of the Arrangement.  Forward-looking statements in this news release include, but are not limited to, statements regarding anticipated benefits of the Arrangement, the closing of the Arrangement, listing of the Exchange Warrants, plans and objectives regarding the TLC and Falchani (the "Projects") and any statements regarding the business plans, expectations and future objectives of the Companies.

Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend", "indicate", "scheduled", "target", "goal", "potential", "subject", "efforts", "option" and similar words, or the negative connotations thereof, referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management are not, and cannot be, a guarantee of future results or events. Although the Companies believe that the current opinions and expectations reflected in such forward-looking statements are reasonable based on information available at the time, undue reliance should not be placed on forward-looking statements since the Companies can provide no assurance that such opinions and expectations will prove to be correct.

All forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including risks, uncertainties and assumptions related to: the Companies' ability to complete the Arrangement; the Companies' ability to secure the necessary court and regulatory approvals required to complete the Arrangement; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement; the Companies' ability to achieve their stated goals as a result of the Arrangement; the estimated costs associated with the advancement of the Projects; risks and uncertainties relating to the COVID-19 pandemic and the extent and manner to which measures taken by governments and their agencies, the Companies or others to attempt to reduce the spread of COVID-19 could affect the Companies, which could have a material adverse impact on many aspects of the Companies' businesses including but not limited to: the ability to access mineral properties for indeterminate amounts of time, the health of the employees or consultants resulting in delays or diminished capacity, social or political instability in Peru which in turn could impact Plateau's ability to maintain the continuity of its business operating requirements, may result in the reduced availability or failures of various local administration and critical infrastructure, reduced demand for the Companies' potential products, availability of materials, global travel restrictions, and the availability of insurance and the associated costs; risks related to the certainty of title to the properties of the Companies, including the status of the "Precautionary Measures" obtained by Plateau's subsidiary Macusani Yellowcake S.A.C. ("Macusani"), the outcome of the administrative process, the judicial process, and any and all future remedies pursued by Plateau and its subsidiary Macusani to resolve the title for 32 of its concessions; the ongoing ability to work cooperatively with stakeholders, including but not limited to local communities and all levels of government; the potential for delays in exploration or development activities due to the COVID-19 pandemic; the interpretation of drill results, the geology, grade and continuity of mineral deposits; the possibility that any future exploration, development or mining results will not be consistent with our expectations; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages, strikes and loss of personnel) or other unanticipated difficulties with or interruptions in exploration and development; risks related to commodity price and foreign exchange rate fluctuations; risks related to foreign operations; the cyclical nature of the industry in which the Companies operate; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment and the effects upon the global market generally, and due to the COVID-19 pandemic measures taken to reduce the spread of COVID-19, any of which could continue to negatively affect global financial markets, including the trading price of the Companies' shares and could negatively affect the Companies' ability to raise capital and may also result in additional and unknown risks or liabilities to the Companies. Other risks and uncertainties related to prospects, properties and business strategy of Plateau and American Lithium are identified, respectively, in the "Risks and Uncertainties" section of Plateau's Management's Discussion and Analysis filed on January 19, 2021, in the "Risk Factors" section of American Lithium's Management's Discussion and Analysis filed on January 29, 2021, and in recent securities filings available at www.sedar.com . Actual events or results may differ materially from those projected in the forward-looking statements. Neither of the Companies undertakes any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

American Lithium

American Lithium

Overview

Even with surging global lithium demand, political powerhouses like the US are concerned about its critical minerals supply chains in meeting those growing demands. As the US reviews its critical supply chain risks, lithium mining companies operating in the Americas present the potential to turn the tides of critical mineral market vulnerabilities.

American Lithium (TSXV:LI, OTCQB:LIACF, XFRA:5LA1) is a top TSX Venture 50 company focused on exploring and developing high-quality lithium deposits within mining-friendly jurisdictions throughout the Americas. The company is currently operating its Tonopah Lithium Claims (TLC) project located in the highly prospective mining Esmeralda lithium district in Nevada.

The 100 percent owned TLC project hosts overwhelming operational and geological advantages. Its unique mineralogy, lack of deleterious elements and favorable processing conditions primes project development for fast track potential.

The project boasts excellent existing infrastructure and strategic positioning in the top mining investment jurisdiction of Nevada. The property leverages proximity to paved roads, electricity, water networks and skilled local labor. Additionally, premier solar conditions across the geographic region point to some of the world’s lowest power and natural gas costs.

The TLC project has one of the fastest processing times relative to its peers. Beneficiate samples taken from TLC achieved a 49 percent mass reduction while increasing lithium grade by 66 percent, and subsequent leach testing extracted 96 percent of the lithium from upgraded samples.

A 43-101 compliant technical report for TLC shows a measured and indicated resource of 5.37 million tonnes lithium carbonate equivalent (LCE) and another 1.76 million tonnes LCE inferred.

In March 2021, the U.S. Department of Energy Advanced Manufacturing Office selected American Lithium as a co-recipient of a grant funding 50 percent of the capital cost for a US$4.5 million lithium extraction hydroxide pilot plant.

This grant provides funding to complete field demonstration of selective leaching, purification and electrochemical production of battery-grade lithium hydroxide precursors from US claystone deposits like the TLC project. This announcement further legitimizes American Lithium as a major player in tackling the US’ domestic lithium supply problem.

The company has a robust capital structure and tight shareholder portfolio. Its market cap stands at US$141.8 million, with key shareholders largely consisting of retail investors, management and insiders. American Lithium currently has zero debt.

The American Lithium management team has a proven history of returning value to shareholders and years of combined experience in mineral exploration, resource development and project management. The company is led by CEO Andrew Bowering, who has founded, funded and grown a number of exploration companies in the last 30 years. Part of this roster are Cap-Ex Iron Ore (now ML Gold), Prime Mining (TSXV:PRYM), and Millennial Lithium (TSXV:ML).

Company Highlights

  • American Lithium is focused on exploring and developing highly prospective lithium deposits across mining-friendly jurisdictions in the Americas. The company currently is operating its high-quality Tonopah Lithium Claims (TLC) project in Nevada, USA.
  • The company presents excellent investing opportunities and leverages surging global lithium demand, which is expected to rise exponentially by 2028. It could become a significant player in aiding the domestic lithium supply problem in the US.
  • The TLC project boasts strategic positioning in Nevada, ranked the top jurisdiction in the world for mining investment in 2020. The project also sits near the Tesla gigafactory and leverages excellent existing infrastructure.
  • TLC hosts unique metallurgical properties with high lithium concentrates, over 90 percent recoveries and fast leaching potential. Operational advantages also include low-cost mining and processing.
  • The company continues to expand its robust asset portfolio with the recent acquisition of the Macusani and Fulchani projects connected with Plateau Energy Metals Inc. (TSXV:PLU).
  • The company’s leadership has a proven track record of mining and exploration success across years of experience—their depth of management primes American Lithium for significant growth and economic prosperity.
  • American Lithium currently has zero debt.

Key Projects

Tonopah Lithium Claims (TLC) Project

The TLC project spans 6,000 acres and is located five miles from Tonopah, Nevada, a historic regional mining center. The property hosts concentrated lithium mineralization up to 80 meters thick and widespread lateral extension.

In 2019, the company conducted an extensive sampling program that completed 18 reverse circulation drill holes and an additional five core drill holes. This program proved the presence of world-class lithium grades as high as 2,600ppm and laterally extensive mineralization for miles.

The alluvial deposit leverages unique mineralogy that originates from surrounding volcanic tuffs washed into a lacustrine freshwater basin to form sedimentary claystone. This geological profile enhances battery-grade lithium salt production potential and outstandingly short processing times. This perfect storm of mineralogy and operational advantages presents TLC with scalable production prospects compared to similar lithium projects.

The project’s near-term production plan includes completing a PEA into a PFS and submitting a Plan of Operations in 2021. Additionally, the company intends to design and test a pilot facility for later extraction facility construction.

Management Team

Michael Kobler, B.Sc. — CEO & Director

Over the past 35 years, Michael Kobler has specialized in identifying, acquiring, developing and producing natural resource opportunities throughout the world, as well as overseeing the design and construction of several infrastructure projects. He has served in various roles for early-stage companies, including the chairman, CEO, president, technical advisor, engineer and project manager and has been a founder and a major shareholder in many of these ventures. Kobler has a strong record of success in the exploration, permitting and de-risking of resource projects. In 2005, Kobler was a co-founder and CEO of Osum Oil Sands Corp. He oversaw the analysis and acquisitions of the original oil sands leases that form the core of Osum’s projects Cold Lake and the Saleski carbonates, Alberta.

Andrew Bowering, B.A. — Director

Andrew Bowering is a venture capitalist with 30 years of operational experience and leadership in mineral exploration and development worldwide. He has founded, funded and built teams that have operated numerous companies to pursue precious, base and industrial metals from early exploration to production. Bowering is an owner and founder of Sunrise Drilling Ltd. and has owned and operated drilling companies for the past 20 years. He has held senior management positions in a variety of capacities. He has been responsible for the acquisition and sale of several assets and the raising of upwards of US$250 million in development capital. Bowering has operated and managed programs throughout North and South America and abroad. He is a founder, director and shareholder of Millennial Lithium Corp and other publicly traded companies primarily focused on the battery metals space.

Simon Clarke — Director

Simon Clarke brings 25 years of experience in building companies and implementing successful capital markets and growth strategies focused on mining, energy and energy technology. Most recently, Clarke was the founder, CEO and director of M2 Cobalt Corp., which sold to Jervois Mining Ltd. in June 2019. He offers significant experience and knowledge of the battery metals space and his roles with M2 Cobalt and Jervois Mining involved managing government and stakeholder initiatives relating to the supply of battery metals in several jurisdictions. In particular, he has first-hand experience of the critical minerals initiatives in the United States and the urgent need to develop domestic sources of supply of critical minerals, including battery-grade lithium. Clarke was a co-founder of Osum Oil Sands Corp. who, together with American Lithium CEO Michael Kobler, built a company valued over US$1 billion at its peak. He remains a board observer at Osum and is currently CEO of Apollo Gold Corp.

G. A. (Ben) Binninger — Director

G. A. Binninger is a chemical engineer who brings a wealth of experience in senior management and board roles over a career spanning more than 35 years. Binningerhas held several high-profile roles in various sectors, including mining, energy, materials, environmental and advanced technologies. He has direct experience in lithium and related minerals, having been CEO of Potash Minerals and a member of the Advisory Board of Millennial Lithium. He has also created sophisticated process and services companies for global leaders such as Rio Tinto and ARCO. Binninger will provide critical strategic advice as the development of the TLC Lithium Project continues to evolve in line with continued de-risking and as the need for large-scale, domestic lithium projects becomes more widely recognized.

Graham Ballachey — Vice President of Engineering

Graham Ballachey is a mechanical engineer with a physics and chemistry background and 13 years of experience within various industries, including combustion research, manufacturing, energy optimization, building design, project management, construction management, process development and product development. Ballachey has extensive experience in both experimentation, engineering and design, as well as the management of engineers, consultants, technologists and construction projects of over US$1.2 million in capital. He has successfully procured over $500,000 from government and utility grants.

Critical Resources Limited

A Further 17.5 Metres of Visual Spodumene-Bearing Pegmatite Intersected at Mavis Lake in Step-Out Hole 14

Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”), is pleased to advise that following on from the outstanding results from step out hole 13, which contained 23.1m of visual spodumene (ASX Announcement 17 May 2022) it has again encountered thick visual spodumene in drill holes 14 and 15. Both holes are step out holes, targeting the Pegmatite 6 zone of mineralisation at the Company’s 100% owned Mavis Lake Lithium Project in Ontario, Canada (“the Project”).

Highlights