VANCOUVER, British Columbia, January 28, 2022 — Alpha Lithium Corporation (TSX.V: ALLI) (OTC: APHLF) (Germany WKN: A3CUW1) (“Alpha” or the “Company”), is pleased to provide an update on the closing of its previously announced asset transaction with chemical processing conglomerate, Uranium One Group (“Uranium One”) (see press release dated November 29, 2021).
Further to announcing the execution of binding agreements, Uranium One’s wholly owned subsidiary, Uranium One Cooperatif U.A. (“U1”), has exercised its right under the definitive Transaction agreement to extend the closing deadline for the first US$30 million investment to accommodate administrative delays resulting from regulatory office closures caused by the COVID 19 pandemic and an extended holiday season in Argentina. The Company and U1 expect to complete the Transaction in the coming weeks, and the Company will provide regular updates, if and as available.
Brad Nichol, Alpha’s President and CEO commented, “Uranium One has agreed to earn 15% in one of our assets for a $US30 million investment, which values the asset alone at US$200 million, or approximately CDN$250 million. The Company also has cash of over $45 million and ownership of a significant land package in nearby Hombre Muerto, one of the world’s longest producing and highest quality lithium brine salars.” Nichol added, “We look forward to working with the highly professional team from Uranium One in Tolillar, and to focusing more of our efforts on developing Hombre Muerto in the future, just as we have done in Tolillar.”
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: APHLF) (Germany WKN: A3CUW1)
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 foothold in one of the world’s highest quality and 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.
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the results of further brine process testing and exploration and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
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