Alpha Lithium Corporation has recently filed a notice of change to its Directors’ Circular recommending its shareholders to accept TECPETROL’s increased bid for the purchase of Alpha Lithium’s share capital.
Alpha Lithium is a Canadian exploration and development company, specializing in the production of unique, high-quality Lithium products. Early this year, TECPETROL has offered to acquire Alpha Lithium’s shares through their private equity arm, VIAM. In the notice of change, Alpha Lithium’s board of directors says that despite having exemptible confidence in the proposal made by VIAM, it is now recommending its shareholders to accept TECPETROL’s increased bid.
The notice of change was filed with IIROC, the Investment Industry Regulatory Organization of Canada, and is available online. The notice explains that the details of TECPETROL’s increased bid have not been disclosed, and Alpha Lithium’s board reserves the right to change its recommendation for shareholders depending on any further changes in TECPETROL’s offer. Alpha Lithium’s board of directors is recommending its shareholders to not withdraw their shares from the bid and wait for further announcements that may occur.
TECPETROL’s increased bid would mean that Alpha Lithium would be able to move forward with its plans to increase production of its lithium products and expand its operations. TECPETROL is one of the world’s leading energy companies, and its increased bid is testimony to its confidence that Alpha Lithium is a valuable commodity and could be a major player in the lithium market.
The news of Alpha Lithium’s board of directors recommending its shareholders to accept TECPETROL’s increased bid is positive news for the company, and will pave the way for increased production and expansion of its lithium products.