Alpha Lithium Corporation is pleased to announce that it has received a revised, increased offer from Tecpetrol International S.A. (“Tecpetrol”), the third-largest independent oil and gas exploration and production company in Argentina. The Alpha Lithium Board of Directors has carefully considered the increased offer, with the assistance of financial advisors, and has determined that the offer is in the best interests of Alpha Lithium’s shareholders.
The Board has unanimously recommended that Alpha Lithium shareholders accept the increased offer and tender their shares in accordance with the provisions of the Arrangement Agreement. Alpha Lithium will file a notice of change to the Directors’ Circular recommending that shareholders accept the revised offer at the upcoming meeting of shareholders on November 30, 2018.
Under the terms of the increased offer, Tecpetrol will acquire all outstanding Alpha Lithium common shares for 8.00 CAD per share in cash. This represents an increase of 4.00 CAD per share from the original offer of 4.00 CAD.
The Alpha Lithium Board of Directors has determined that this deal provides its shareholders with the highest likelihood of maximizing and realizing fair value for their investment. The Board has also taken into account the Company’s long-term prospects and noted the importance of securing critical financing and capital needed for growth.
The Alpha Lithium Board of Directors unanimously believes that Tecpetrol’s increased offer represents an attractive, compelling value proposal for its shareholders and recommends that shareholders accept it. The acceptance period for the offer is currently scheduled to expire on December 21, 2018, subject to customary closing conditions.