Tecpetrol Investments S.L. provides update on offer to acquire Alpha Lithium Corp.
by CM Staff
The Techint Group has operated a business in Canada for some years, notably through Tenaris, a Canadian manufacturer and supplier of steel tubes for the Canadian energy industry.
TORONTO — 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.
On June 9, 2023, 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.
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 business in Canada for some years, notably through Tenaris, a 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.
