Tecpetrol Investments S.L. ("Tecpetrol"), a member of the Techint Group, is pleased to announce that Tecpetrol's board-recommended offer (the "Offer") to acquire all of the common shares of Alpha Lithium Corporation ("Alpha") for C$1.48 in cash per share has successfully expired.
Final Offer Results
Since October 20, 2023, the date all of the conditions to the Offer were satisfied or waived (including the statutory minimum tender condition), Tecpetrol, through its wholly-owned subsidiary, TechEnergy Lithium Canada Inc., has taken-up and acquired an additional 35,873,662 Alpha shares during the mandatory extension period. Together with the Alpha shares acquired on October 20, 2023, Tecpetrol has acquired 138,566,277 Alpha shares, representing approximately 67.4% of the issued and outstanding Alpha shares.
Subsequent Acquisition Transaction
Tecpetrol also announces that it is currently in discussions with Alpha with respect to the orderly transition of the governance and operations of Alpha and a potential subsequent acquisition transaction that would provide for the acquisition by Tecpetrol of all of the Alpha shares not acquired pursuant to the Offer. Following completion of any such subsequent acquisition transaction, Tecpetrol would own 100% of the Alpha shares and Alpha would be a wholly-owned subsidiary of Tecpetrol. While Tecpetrol expects that a subsequent acquisition transaction with Alpha will be announced shortly, there can be no assurance that definitive agreements in respect of any such transaction will be entered into.
Advisors
BMO Capital Markets is serving as financial advisor and Davies Ward Phillips & Vineberg LLP is serving as legal advisor to Tecpetrol. In addition, Crestview Strategy is serving as government relations advisor and Teneo is serving as strategic communications advisor. Laurel Hill Advisory Group is serving as the Depositary and Information Agent for the Offer.
