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AmeriLithium Inks $10 Million Financing Pact

March 30, 2010 (FinancialWire) — AmeriLithium (OTCBB: AMEL) said it has entered into a $10 million financing agreement with a European institutional investor focused on mining ventures.

According to the company, the financing will effectively enable AmeriLithium to launch its geological exploration program for its North American properties.

Under the terms of the deal, AmeriLithium receives a $10 million equity draw down facility. In exchange, the investor receives AmeriLithium stock at an exercise price of 95% volume weighted average price calculated using the term of the past five trading days.

The company also grants the Investor 100% warrant coverage at a warrant price of 150% of the price of the unit purchased.

AmeriLithium's 5,880-acre Paymaster Project is adjacent to the only US-based lithium producing plant, which is located in Nevada's Clayton Valley.

Lithium is a lightweight metal used in a range of consumer products. The medical industry uses lithium as an anti-depressant; industrial uses include glass, ceramic and porcelain enamel manufacture; the aviation industry uses lithium in alloys. Of particular interest is the use of lithium for battery production, which has expanded in recent years due to rechargeable lithium batteries being used increasingly in electrical tools and in the rapidly expanding portable electronics market.

Nevada-based AmeriLithium is a mining company with a lithium portfolio consisting of ~710,000 acres, including its Nevada-based project. It also has a project in Alberta, Canada, and a project in Western Australia.

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