Alpha Lithium Corporation Provides Update Regarding Binding Letter Of Intent With 1146915 B.C. Ltd.

October 8, 2019

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Vancouver, British Columbia – (October 8, 019) – Alpha Lithium Corporation (TSX.V:VLT) (the “Corporation” or “Alpha”) is pleased to update its disclosure regarding the binding Letter of Intent (“LOI”) dated April 17, 2019 with 1146915 B.C. Ltd. (“PrivCo”), as first announced on April 22, 2019. Pursuant to the terms of the LOI Alpha and PrivCo will enter into a definitive Share Exchange Agreement (the “Definitive Agreement”) whereby all outstanding securities of PrivCo will be exchanged for securities of Alpha (the “Acquisition” or the “Transaction”). The Acquisition is an arm’s length transaction.

On completion of the Transaction the Corporation will carry on with the development of PrivCo’s lithium assets of eight claims (the “Claims”), which combined with the claims previously acquired by Alpha from PrivCo cover approximately 27,477 ha in Argentina.

Share Exchange Transaction

The Transaction was filed with the TSX Venture Exchange and received conditional approval on June 13, 2019. Since that date, the Company has been working to meet the conditions required to be fulfilled. In particular, items on the list of conditions required amendments to the underlying property agreements in Argentina and producing an updated NI43-101. The Company is working diligently to complete these matters so that it can close the Transaction as soon as possible.

Completion of the Transaction is subject to a number of conditions, including TSXV acceptance. The Transaction cannot close until the required approvals are obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

ON BEHALF OF THE BOARD OF ALPHA LITHIUM CORPORATION

 (Signed) “Darryl Jones”

Darryl Jones

President, CEO and Director
Tel: 604.343.2723
[email protected]

Forward Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the proposal to complete the Transaction and associated transactions, including statements regarding the terms and conditions of the Transaction and that the Transaction will close. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that  have been considered appropriate that the expectations reflected  in this forward-looking information are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements  depending on, among other things, the risks  that the parties will not proceed with the Transaction and associated transactions. The conditions set by the Exchange may not be fulfilled. Even if the Transaction and the private placements close, they may not prove to be successful and no lithium operations may be possible. Alpha may not be able to comply with its obligations to claim owners assumed from PrivCo, and the Claims may be repossessed. There may not be any commercial quantities of lithium in the Claims, and even if there is, they may not be minable profitably. The statements in this press release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, PrivCo, their securities, or their respective financial or operating results (as applicable).

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.