/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR
FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Nov. 8, 2021 /CNW/ - Alpha Lithium
Corporation (TSXV: ALLI) (OTC: APHLF) (Frankfurt: 2P62) ("Alpha" or the
"Company") is pleased to announce that it has entered into
an agreement with Echelon Wealth Partners Inc. (the
"Underwriter") pursuant to which the Underwriter has agreed
to purchase
13,000,000 units (the "Units") from
the treasury of the Company, at a price of $1.00 per Unit (the "Issue Price") and
offer them to the public by way of a short form prospectus for
total gross proceeds of approximately $13,000,000 (the "Offering").
Each Unit will consist of one common share of the Company (each
a "Common Share") and one-half common share purchase warrant
(each full warrant, a "Warrant" and collectively the
"Warrants"). Each Warrant will entitle the holder thereof to
acquire one Common Share at a price of $1.45 for a period of 24 months from the closing
date of the Offering.
The Company has granted the Underwriter an option to purchase up
to an additional 15% of the Units at the Issue Price. The
Over-Allotment Option may be exercised in whole or in part to
purchase Common Shares, Warrants or Units as determined by the
Underwriter upon written notice to the Company at any time up to 30
days following the Closing Date (the "Over-Allotment
Option").
The Company intends to use the net proceeds of the
Offering for the development of Tolillar Salar and working
capital and general corporate purposes.
The Offering will be completed (i) by way of a short form
prospectus of the Company to be filed in the provinces of
British Columbia, Alberta, and Ontario, (ii) on a private placement
basis in the United States
pursuant to exemptions from the registration requirements of the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") and (iii) outside Canada and the
United States on a basis which does not require the
qualification or registration of any of the Company's securities
under domestic or foreign securities laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of securities in the United States. The securities have not
been and will not be registered under the U.S. Securities Act or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
The Offering is expected to close on or about December 1, 2021, or such other date as the
Company and the Underwriter may agree, and is subject to customary
closing conditions, including the approval of the securities
regulatory authorities and the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF ALPHA LITHIUM
CORPORATION
"Brad Nichol"
Brad Nichol
President, CEO and Director
About Alpha Lithium (TSX.V: ALLI) (OTC: APHLF) (Frankfurt: 2P62)
Alpha Lithium is a team of industry professionals and
experienced stakeholders focused on the development of the Tolillar
and Hombre Muerto Salars. In Tolillar, we have assembled 100%
ownership of what may be one of Argentina's last undeveloped lithium salars,
encompassing 27,500 hectares (67,954 acres), neighboring
multi-billion-dollar lithium players in the heart of the renowned
"Lithium Triangle". In Hombre Muerto, we continue to expand our
5,000+ hectare (12,570 acres) foothold in one of the world's
highest quality, longest producing lithium salars. Other companies
in the area exploring for lithium brines or currently in production
include Orocobre Limited, Galaxy Lithium, Livent Corporation, and
POSCO in Salar del Hombre Muerto; Orocobre in Salar Olaroz; Eramine
SudAmerica S.A. in Salar de Centenario; and Gangfeng and Lithium
Americas in Salar de Cauchari.
Forward-Looking Information
This news release contains forward-looking information which is
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ from those
projected in the forward-looking statements. While these statements
reflect management's current plans, projections, and intents, by
their nature, forward-looking statements are subject to numerous
risks and uncertainties, some of which are beyond the control of
the Company. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on these forward-looking
statements. The Company's actual results, programs, production
decisions (if any) activities and financial position could differ
materially from those expressed in or implied by these
forward-looking statements. The Company assumes no
responsibility to update or revise such information to reflect new
events or circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No securities regulatory authority has
reviewed nor accepts responsibility for the adequacy or accuracy of
the content of this news release.
SOURCE Alpha Lithium Corp.
