VANCOUVER, British Columbia, July 10, 2020 — Alpha Lithium Corporation (TSX.V: ALLI) (OTC: ALLIF) (“Alpha” or the “Company”) is pleased to announce that it has completed a first tranche of the non-brokered private placement (the “Private Placement”) originally announced on June 23, 2020. The Company issued 8,751,846 units (each, a “Unit”) at a price of $0.37 per Unit for gross proceeds of $3,238,183.02. Each Unit is comprised of one common share of the Company (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to acquire one Share at a price of $0.50 for a period of three (3) years following closing of the Private Placement. No broker of finder’s fees have been paid in connection with the Private Placement.
The net proceeds received from the Private Placement will be used for development of the Company’s Tolillar Lithium Project in Salta, Argentina and for general working capital purposes. All securities issued under the Private Placement will be subject to a four-month hold period from the date of issue in accordance with applicable securities laws. The remainder of the Private Placement is subject to final acceptance of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF ALPHA LITHIUM CORPORATION
President, CEO and Director
For more information:
Alpha Lithium Investor Relations
Tel: +1 844 592 6337
About Alpha Lithium (TSX.V: ALLI) (OTC: ALLIF)
Alpha Lithium is a growing team of industry professionals and experienced stakeholders focused on the development of the Tolillar Salar. Together, 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”. Other companies in the area exploring for lithium brines or currently in production include Galaxy Lithium and POSCO at salar Hombre de Muerto; Livent at salar Hombre de Muerto;; Orocobre on salar Olaroz; Eramine SudAmerica S.A. on salar Centenario; Gangfeng and Lithium Americas on salar Cauchari;
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, 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.