(Tecpetrol, 19.Jun.2023) — Tecpetrol Investments S.L., a member of the Techint Group, announced the following updates to shareholders of Alpha Lithium Corporation with respect to its offer to acquire all of the issued and outstanding common shares of Alpha, a Canadian incorporated, headquartered and listed company.
Continued Willingness to Engage and Increase Offer Price
On 9 June 2023, following the filing of its offer and take-over bid circular, Tecpetrol reached out to Alpha in order to once again emphasize it was open to engaging in constructive discussions (on a non-exclusive basis) with a view to increasing the offer price. However, Alpha has not provided any response. Tecpetrol remains open to engaging in dialogue with Alpha with a view to increasing the offer price.
Request for Alpha Commitment to Let Shareholders Decide What is Best for Their Investment
Tecpetrol’s Offer is conditional on Alpha maintaining its ownership of its Tolillar Project. Tecpetrol urges Alpha to make a public commitment to its shareholders that it will seek their approval prior to completing any potential asset-level sale of the Tolillar Project in order to provide Tecpetrol with an opportunity to offer enhanced value and allow shareholders an opportunity to choose their preferred outcome between an asset-level sale and Tecpetrol’s Offer – an all-cash, corporate-level and tax-efficient transaction from a credible transaction partner with a clear path to closing.
Investment Canada Act Filing
Tecpetrol also announced today that it has filed a notification pursuant to Part III of the Investment Canada Act in respect of its Offer.
The Techint Group has operated a significant business in Canada for more than 20 years, notably through Tenaris, the leading Canadian manufacturer and supplier of steel tubes for the Canadian energy industry, and is firmly integrated in the Western allied countries’ supply chains. As described in the Offer and Circular, Tecpetrol’s intention, in line with its energy transition strategy, is to responsibly develop Alpha’s premium lithium assets as part of the integrated Western battery supply chain. Tecpetrol recognizes that a key component to building an emerging Western battery supply chain is lithium supply, and Tecpetrol believes that its energy transition strategy is aligned with Western efforts to secure this supply, including the Government of Canada’s Critical Minerals Strategy.
Tecpetrol has filed its Investment Canada Act notification to provide Alpha shareholders with regulatory certainty at the expiration of the Offer given the importance of the Investment Canada Act for an acquisition of all or a part of any Canadian lithium company such as Alpha, including its Tolillar Project.
Additional Offer Details
Tecpetrol encourages Alpha shareholders to read the full details of the Offer and other important information set forth in the Offer and Circular and related documents, including instructions on how Alpha shareholders can tender their Alpha shares under the Offer. The Offer and Circular was filed with the Canadian securities regulators on SEDAR under Alpha’s profile at www.sedar.com.
Shareholders who have questions or require assistance in tendering their Alpha shares may contact Laurel Hill Advisory Group, the Depositary and Information Agent for the Offer, by telephone toll-free inside North America at 1-877-452-7184, or outside North America at 1-416-304-0211, or by email at assistance@laurelhill.com.
About the Tecpetrol Energy Transition Unit
Tecpetrol’s Energy Transition Unit is Techint Group’s dedicated business unit responsible for advancing its position in the global energy transition through investments in decarbonized energy sources, carriers and technologies, with the objective of contributing to a significant reduction in the carbon footprint. As part of this initiative through its subsidiary Techenergy Lithium S.A., Tecpetrol has built a lithium processing pilot plant in northern Argentina engineered for scale, which supports a production flowsheet involving direct lithium extraction. For additional information on Tecpetrol, please visit its website at https://www.tecpetrol.com/en.
The Techint Group is a global conglomerate with diversified business lines in steelmaking, complex infrastructure construction, design and construction of industrial plans and machinery, technologies for the metals and mining industries, oil and gas exploration and production and research-oriented health facilities. Through our six main companies – Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN), Ternium S.A. (NYSE: TX), Techint Engineering & Construction, Tenova, Tecpetrol and Humanitas – the Techint Group operates on six continents, employs 79,300 employees and generates over US$33bn in annual revenue. We have an extensive track record of completing large transactions in industrial and extractive sectors around the globe, including in Canada, and in navigating complex regulatory frameworks. For additional information on the Techint Group, please visit its website at https://www.techintgroup.com/en.
____________________
