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American Lithium to undertake restructuring to advance Nev. project

American Lithium Corp.'s board approved a restructuring of the company through a 1-for-10 share consolidation, it said Aug. 14.

The company recently renewed all of the Bureau of Land Management licenses at its Fish Lake Valley lithium project in Esmeralda County, Nev., for a further 12 months and has decided to focus its efforts on these core assets.

Given the renewal costs, the company does not have the necessary funds to embark on any exploration and will undertake restructuring to attract the required capital.

CEO Mike Kobler said the company will continue to explore all avenues of funding to de-risk and advance its Fish Lake Valley assets.