NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Vancouver, British Columbia – January 24, 2020 – Alpha Lithium Corporation (TSX.V:ALLI) (OTC:ALLIF) (the “Corporation”) is pleased to announce that, further to its News Release of January 10, 2020, it has completed the first tranche of its private placement financing (the “Financing”) pursuant to which it sold an aggregate of 4,707,160 units (each, a “Unit”), at a price of $0.25 per Unit, for gross proceeds of $1,176,790. The Company intends on completing additional tranches of the Financing.
Each Unit consisted of one common share (each, a “Share”) and one share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one Share for a period of two years at an exercise price of $0.50 per Share until January 24, 2022.
No finder’s fees were issued pursuant to the closing of the first tranche.
Proceeds from the Financing will be used for the payment to the vendors of the claims in Salta Province, Argentina and for general working capital purposes.
The securities issued under the Financing, and the shares that may be issuable on exercise of the Warrants, are subject to a statutory hold period expiring on May 25, 2020.
ON BEHALF OF THE BOARD OF ALPHA LITHIUM CORPORATION
President, CEO and Director
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. Forward looking statements in this press release include but are not limited to completion of additional tranches of the proposed private placement and the proposed used of proceeds. Factors which may materially and adversely affect these forward looking statements include that we may not complete additional tranches of our intended financing, we may not obtain regulatory approval, and our cash requirements may change so as to require different cash allocations. The forward-looking information contained herein is given as of the date hereof and 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.