Alpha Lithium Corp. (“Alpha Lithium” or the “Company”) (TSXV: ALLI) (OTCQB: ALLIF) announces that it has filed a notice of change to its directors’ circular (the “Notice of Change”), dated August 17, 2020, recommending that Alpha Lithium shareholders accept the increased takeover bid (the “Offer”) by Tecpetrol Internacional S.A. (“Tecpetrol”) to acquire all of the issued and outstanding common shares of Alpha Lithium (the “Alpha Lithium Shares”).
The Offer was increased on August 31, 2020 to CAD$0.39 per Alpha Lithium Share, an increase from the originally announced CAD$0.29 per Alpha Lithium Share.
The Notice of Change contains an updated recommendation from the board of directors of Alpha Lithium (the “Board”) that Alpha Lithium shareholders accept the increased Offer. The Board has unanimously concluded that the Offer is in the best interests of Alpha Lithium and is fair from a financial point of view to the Alpha Lithium shareholders. The Board reached this conclusion after conducting extensive financial analysis and consultation with the Company’s financial and legal advisors.
Alpha Lithium shareholders are urged to read the Notice of Change, which is available via SEDAR and on the Company’s website at www.alphalithium.com, as it contains important information about the Offer. Alpha Lithium shareholders may also obtain a copy of the Notice of Change directly from their registered securities brokers or financial advisors, if they are registered Alpha Lithium shareholders.
The Company encourages Alpha Lithium shareholders to carefully consider the Board’s recommendation and the information contained in the Notice of Change that Alpha Lithium shareholders accept the increased Offer and to send the signed acceptance form to the Depositary, Kingsdale Advisors, in a timely manner before the expiry time of the Offer, which is currently scheduled to occur at 5:00 pm (Toronto time) on November 30, 2020, unless extended or withdrawn by Tecpetrol in accordance with the terms of the Offer.
Alpha Lithium shareholders who have traded Alpha Lithium Shares on the TSX Venture Exchange (“TSXV”) since August 28, 2020 and hold legal title to such Alpha Lithium Shares must trade such Alpha Lithium Shares in the regular course through the TSXV in order to be eligible to receive the increased Offer. Alpha Lithium shareholders that initiate trades in the Alpha Lithium Shares after the expiry or termination of the Offer will not be eligible to receive the increased Offer even if such trades settle prior to the expiry of the Offer.
