American Lithium Corp., a Canada-based exploration and development stage company, has entered into a definitive arrangement agreement with Friday's Dog Holdings Inc., an investment holding company, to transfer ownership of its Macusani Uranium Project. The transaction involves the transfer of a wholly owned Peruvian subsidiary holding the mineral concessions comprising the Macusani Project to Friday's Dog Holdings, which will be renamed International Uranium Corp. In exchange, International Uranium will issue 80 million post-Consolidation common shares to American Lithium. Concurrently, International Uranium is raising gross proceeds of 15 million Canadian dollars ($11.2 million) through a brokered private placement of subscription receipts. The deal aims to create an independent, well-financed, uranium-focused, publicly traded company that will drive the Macusani Project forward.
American Lithium Corp. is actively developing large-scale lithium projects in mining-friendly jurisdictions in the Americas. The company is primarily focused on advancing its TLC Lithium Claystone Project in Nevada, the Falchani Lithium Project, and the Macusani Uranium Projects in Peru. These projects have undergone robust preliminary economic assessments, exhibit significant expansion potential, and enjoy strong community support. American Lithium Corp. intends to concentrate its efforts on advancing its lithium projects while recognizing the market value of the Macusani Project through this transaction. The Macusani Project is strategically positioned to be one of the lowest-cost sources of uranium globally, making it well-suited for the transition to zero-emission base-load electricity generation in response to energy security and climate change concerns.