Tecpetrol has again boosted its ownership in Alpha Lithium (NEO: ALLI), following an extension period that was granted for its tender offer of $1.48 per share.
The company has added approximately a 13.4% stake to its ownership of the lithium explorer, following the purchase of 35.9 million additional shares. The purchase boosts its stake to 67.4% of Alpha, via the ownership of 138.6 million shares.
READ: Tecpetrol Acquires 54% Of Alpha Lithium, Extends Tender Offer
Given its two thirds ownership of the company, discussions are now underway for the orderly transition of governance and operations of Alpha. The company is also said to be in the process of discussions for a potential acquisition transaction that would enable Tecpetrol to acquire the remainder of the company that it does not presently own.
Such a transaction is expected to be announced shortly, as per Tecpetrol, however it has cautioned that there are no assurances that one will proceed.
Alpha Lithium owns the Tolillar Salar in Argentina, as well as claims covering 5,000 hectares in the Salar Del hombre Muerto. The Tolillar project has seen 24 exploration wells drilled across its 27,500 hectares, .
The flagship project has current resources of 2.1 million indicates tonnes of lithium carbonate equivalent, and 1.2 million inferred tonnes of LCE, at lithium grades of 350 mg/L, with 68% of the property remaining unexplored.
Alpha Lithium last traded at $1.46 on the Neo.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
