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American Lithium Corp unveils 1:10 share consolidation

Last updated: 05:31 15 Aug 2017 AEST, First published: 00:31 15 Aug 2017 AEST

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Fish Lake Valley is one of the most promising lithium brine basins..

American Lithium Corp (CVE:LI) announced plans to restructure the firm via a share consolidation as it continues to focus on its  Fish Lake project in Nevada.

Fish Lake Valley is one of the most promising and largely undeveloped lithium brine basins in the state.

The board has now approved a restructuring on the basis of up to one new share for every 10 existing shares.

In a brief statement, the group said it had recently renewed all of its Bureau of Land Management (BLM) licenses at Fish Lake for a further 12 months and has decided to focus its efforts on these core assets "at this time".

"As a consequence of these renewal costs, the company does not have the necessary funds at this time to embark on any exploration and needs to restructure in order to attract the necessary capital."

"We continue to believe that Fish Lake has the potential to provide significant returns for the company and its shareholders and we will continue to explore all avenues of funding to enable us to continue to de-risk and move these assets forward," said Mike Kobler, chief executive of the group.

The share consolidation remains subject to the approval of the TSX venture exchange.

The Fish Lake Valley lithium brine properties are around 38km from Albemarle's Silver Peak, the largest lithium operation in the USA.

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