VANCOUVER, British Columbia, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Alpha Lithium Corporation (TSX.V:ALLI) (OTC:ALLIF) (the “Corporation”) is pleased to announce a non-brokered private placement financing of up to 8,000,000 units (each, a “Unit”) of the Company at a price of $0.25 per Unit for gross proceeds of up to $2,000,000. Each Unit will consist of one common share and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable into one common share at a price of $0.50 per a period of 24 months from closing.
Proceeds from the private placement will be used for the payment to the vendors of the claims in Salta Province, Argentina and for general working capital purposes.
All securities will be subject to a four-month hold period from the closing date. Finder’s fees are not contemplated at this time but may be paid in accordance with the TSX Venture Exchange (the “TSXV”) policies. The private placement is subject to the approval of the TSXV.
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 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 all or a portion 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.