TECPETROL ANNOUNCES SIGNIFICANT ALPHA LITHIUM SHAREHOLDER SUPPORT AND EXTENSION TO 20 OCTOBER 2023 OF BOARD-SUPPORTED OFFER
- Special Committee and Board of Directors of Alpha recently publicly announced their unanimous recommendation that Alpha shareholders tender to the Offer
- Since Alpha’s announcement, Tecpetrol has received significant shareholder support for its Offer, and has decided to extend the expiry time of the Offer to 5:00 p.m. (Vancouver time) on 20 October 2023 to provide all remaining shareholders additional time to tender
- Shareholders that have already tendered do not need to take any further action
- Questions or Need Assistance? Contact Laurel Hill Advisory Group at 1-877-452-7184 or email: firstname.lastname@example.org
- Take action today! https://www.tecpetrol.com/en/investors/alpha-lithium-offer
TORONTO, 3 October 2023 – Tecpetrol Investments S.L. (“Tecpetrol”), a member of the Techint Group, announces today that it has extended the expiry time of its board-supported offer (the “Offer”) to acquire all of the issued and outstanding common shares of Alpha Lithium Corporation (“Alpha”) for C$1.48 in cash per share to 5:00 p.m. (Vancouver time) on 20 October 2023. Shareholders using a broker may have an earlier cut-off time and are urged to tender their shares immediately. Shareholders who do not tender their shares will not receive the enhanced offer price under the Offer.
On 28 September 2023, the Special Committee and Board of Directors of Alpha, after receiving a positive independent fairness opinion from PI Financial Corp., publicly announced their unanimous recommendation that shareholders tender their shares to the Offer. Since then, a significant number of shares have been tendered to the Offer. Tecpetrol has also received feedback from a substantial number of Alpha shareholders expressing their desire to tender their Alpha shares to the Offer, but that they encountered difficulties tendering through their brokers in advance of their brokers’ cut-off times on account of the date on which Alpha’s unanimous Board support was announced and the Canadian federal holiday on 2 October 2023. As a result, Tecpetrol has extended the Offer to provide Alpha shareholders who have not yet tendered their shares to the Offer with additional time to do so, taking into account the upcoming Canadian Thanksgiving holiday weekend and anticipated brokers’ cut-off times for the extended expiry date.
As previously disclosed, the Offer represents Tecpetrol’s best and final offer to Alpha shareholders. No further extensions are contemplated.
Risks of Not Tendering
It is a non-waivable condition of the Offer that there be validly deposited under the Offer more than 50% of the outstanding Alpha shares, excluding Alpha shares owned by Tecpetrol and its joint actors. If this legally required minimum tender condition is not satisfied by the expiry time of 5:00 p.m. (Vancouver time) on 20 October 2023, no Alpha shares will be acquired by Tecpetrol and Alpha shareholders will not be able to participate in the Offer.
Shareholders should be aware that if the Offer is not successful, they will face significant risks as Alpha shareholders, as described in Tecpetrol’s Notice of Variation and Extension dated 22 September 2023. Since the announcement of the Offer, comparable lithium developer peers have traded down 43%, while Alpha is up 22% as of 3 October 2023. Tecpetrol believes that Alpha’s share price may suffer significant downward pressure if the Offer is not completed.
 Lithium developer peers include Argosy Minerals, Galan Lithium, Lake Resources, Lithium Chile, Lithium South, Standard Lithium and Vulcan Energy.