Mr. Patrick Morris reports
POWR LITHIUM CELEBRATES LITHIUM MINING IN NEVADA;
THE SILVER STATE POSITIONED TO BE NUMBER ONE IN AMERICAN LITHIUM
Powr Lithium Corp. has commended the State of Nevada for its support of the lithium economy.
As the largest source of lithium deposits in North America, Nevada poses a suitable destination for companies across the lithium processing spectrum from mining, processing, recycling and battery manufacturing to develop its operations.
The American government has supported these efforts with billions of dollars, having been granted to Nevada companies to help develop these operations. The Department of Energy (DOE) has provided $2-billion to Redwood Materials, a Carson City-based company developing a process of recycling used lithium batteries. Ioneer Rhyolite Ridge received support of up to $700-million from the DOE to support development of its lithium mine and processing facility in Esmeralda county.
Investments are being made in the junior players as well. The DOE provided a $115-million grant to Reno-based American Battery Technology Company (Powr Lithium's adjacent western neighbour) to build a battery manufacturing plant. American Lithium, Powr's northern neighbour, has received over $17-million to develop its lithium processing facilities.
"The U.S. has a very low capacity to actually make these critical materials domestically, and Congress authorized these funds to help build up this capacity," said Ryan Melsert, chief executive officer of American Battery.
Company chief executive officer Patrick Morris commented: "We applaud the development of the lithium economy in Nevada. Being in the same state and, in some cases, directly adjacent to these established companies is inspiring. It gives us a road map for our projects and for developing shareholder value."
The company is also pleased to announce the closing of its non-brokered private placement financing previously announced on July 14, 2023, which consisted of 3.5 million common shares of the company at a price of 10 cents per share for gross proceeds of $350,000.
The net proceeds of the private placement will be used to pay outstanding liabilities and for general working capital purposes.
All shares issued pursuant to the private placement are subject to a four-month-and-one-day statutory hold period, expiring Nov. 22, 2023, in accordance with applicable Canadian securities law. The company did not pay any finders' fees in connection with the private placement.
About Powr Lithium Corp.
Powr Lithium is an exploration and development company dedicated to the advancement of North American lithium deposits to support domestic demand. The company holds interests on the Halo and Eli properties in Nevada. The company is also focusing on the development of claystone extraction and processing technologies aimed at delivering scalable efficiencies across the value chain in a sustainable manner.
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