- Ameriwest (AWLI) intends to spin out its non-lithium assets, known as ISM Resources
- The agreement would group these assets – including the Koster Dam, ESN, Quet and Fire Gold prospects – into a new entity known as ISM
- After closing, ISM intends to seek a listing on the CSE
- Ameriwest is focused primarily on lithium exploration and development with projects in Nevada, Arizona and British Columbia
- Ameriwest Lithium (AWLI) closed up by 0.89 per cent trading at $1.13 per share
Ameriwest (AWLI) has announced plans to spin out its non-lithium assets, known as ISM Resources.
The agreement would group these assets – including the Koster Dam, ESN, Quet and Fire Gold prospects – into a new entity known as ISM.
Ameriwest shareholders would receive one new Ameriwest share and one-quarter of one ISM common share for each share held.
Option holders would receive one option to purchase one new Ameriwest share and one-quarter of one ISM option for each option held.
Warrant holders would receive one warrant to purchase one new Ameriwest share and one-quarter of one ISM warrant for each warrant held.
In connection with the spin-out, ISM intends to complete a non-brokered private placement of up to C$1,055,000.
The agreement is subject to the approval of Ameriwest shareholders at a meeting to be announced within the next few weeks.
After closing, ISM intends to seek a listing on the CSE.
Ameriwest is focused primarily on lithium exploration and development with projects in Nevada, Arizona and British Columbia.
Ameriwest Lithium (AWLI) closed up by 0.89 per cent trading at $1.13 per share.