Alpha Lithium Shareholders Approve Privatization Plan, To Delist December 20

Alpha Lithium (NEO: ALLI) is set to be fully acquired by Tecpetrol, following the approval by shareholders of a privatization plan at a special meeting.

The privatization will see the remaining shareholders of the company receive one redeemable preferred share for each share of Alpha currently held. The preferred share will then automatically be redeemed for cash consideration of $1.48 per each, following the completion of the acquisition of Alpha by Tecpetrol.

The go-private transaction follows a tender offer program that enabled Tecpetrol to acquire a 67.4% stake in the lithium explorer. The successful tender, which occurred at $1.48 per share, follows a prior offer that was rejected by the company at a price of $1.24. Following an increase in late September of its offer, the board of Alpha Lithium recommend the deal, which followed a major shareholder also endorsing the transaction.

With the closing of the acquisition, Alpha is expected to delist from the Neo Exchange on December 20, capping the saga that was the privatization of Alpha Lithium.

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.

Alpha Lithium last traded at $1.47 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.

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