Ameriwest Lithium Provides Corporate Update and Announces Appointment of New CFO and a New Marketing Agreement

VANCOUVER, British Columbia, May 25, 2023 (GLOBE NEWSWIRE) -- Ameriwest Lithium Inc. (“Ameriwest” or the “Company”) (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0), a North American lithium exploration and development company, is pleased to provide various updates respecting the Company to its stakeholders.

Corporate Update

Ameriwest CEO, Mr. David Watkinson, stated “Ameriwest transformed into a lithium exploration and development company in 2021. The Company subsequently spun out its non-lithium assets into ISM Resources Corp. in 2022. The Company’s focus in 2021 and 2022 was lithium property acquisition, and the Company staked or acquired three lithium brine and one lithium clay properties in Nevada and Arizona and perfected the core land packages associated with each property. The Company became one of the largest lithium mineral claim owners in Nevada, with approximately 50,000 acres of claims under its control. The Company completed initial exploration on these properties which included surface sampling and/or geophysics and now, in 2023, we are transitioning into the drilling phase of the properties. The Company’s goal is to drill one or more of these properties in 2023, starting with its Thompson Valley Property in Arizona. The Company has had various discussions with third parties with the view of entertaining possible opportunities to option or joint venture exploration on some of Company’s lithium projects while adding value through partnerships.”

During the past months the Company has been busy executing its plans on a number of fronts in preparation of its 2023 exploration season. These include the completion of a financing, updating or preparing new technical reports on several projects, formulating exploration plans for 2023 and completing a number of corporate changes.

Financing Update

On May 1^st, 2023, the Company announced the closing of a non-brokered private placement for total aggregate gross proceeds of $2,500,000 and the issuance of 12,500,000 units of the Company (each, a “Unit”), at a subscription price of $0.20 per Unit, consequent thereon (the “Private Placement”). Each Unit was comprised of one common share in the capital of the Company (each, a “Share”) and one common share purchase warrant of the Company (each, a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional Share of the Company (each, a “Warrant Share”), at an exercise price of $0.25 per Warrant Share, until May 1, 2025. Funds from the Private Placement are being utilized for the Company’s general corporate and working capital purposes during the next 12 months.