ALPHA LITHIUM CORPORATION

 VANCOUVER, BC, July 29, 2021 /CNW/ -

TSX VENTURE COMPANIES

ALPHA LITHIUM CORPORATION ("ALLI")
BULLETIN TYPE: Plan of Arrangement, Substitutional Listing, Delist
BULLETIN DATE: July 29, 2021
TSX Venture Tier 2 Company

TSX Venture Exchange Inc. (the "Exchange") has accepted for filing documentation in connection with an arrangement agreement dated as of June 16, 2021, among Alpha Lithium Corporation. ("Alpha Lithium") and its wholly-owned subsidiaries Beta Energy Corp. ("Spinco") and Voltaic Minerals (USA), Inc. ("Voltaic") pursuant to which the parties will complete a plan of arrangement under the provisions of the Business Corporations Act (British Columbia) (the "Plan of Arrangement").

Under the Plan of Arrangement, which is fully described in Alpha Lithium's Management Information Circular dated June 21, 2021, Alpha Lithium will transfer the following assets to Spinco:

(i) all of the Company's legal and beneficial interests in the Green Energy Project, including all of the shares of Voltaic; and

(ii) $5,000,000 cash

(the "Assets").

As consideration for the Assets, Spinco will issue the number of common shares of Spinco ("Spinco Shares") equal to 0.1 of the number of issued and outstanding common shares in the capital of Alpha (the "Alpha Shares").

Under the Plan of Arrangement, Alpha Lithium will (i) re-classify and re-designate its existing common shares as "Class A common shares" (the "Class A Shares"); (ii) create a new class of common shares (the "New Alpha Lithium Shares"); and (iii) distribute to the shareholders of Alpha Lithium (A) one New Alpha Lithium Share and (B) 0.1 of one Spinco common share for every one Class A Share held.

The Exchange has been advised that approval of the Plan of Arrangement by the Alpha Lithium shareholders was received at a special meeting of shareholders held on July 20, 2021 and that approval of the Arrangement was received from the Supreme Court of British Columbia on July 23, 2021. The Plan of Arrangement is expected to complete on July 29, 2021.

No Spinco shares will be listed on the Exchange on closing of the Plan of Arrangement; however, Spinco may at a later date make a separate application to the Exchange for listing of the Spinco shares.

The full particulars of the Plan of Arrangement are set forth in the Alpha Lithium Management Information Circular, dated as of June 21, 2021, which is available under the Alpha Lithium profile on SEDAR.

Substitutional Listing:

In accordance with the above-referenced Plan of Arrangement, the Alpha Lithium shareholders who previously held Common Shares (the "Old Shares") will have their Old Shares redesignated as Class A Shares and exchanged on a one for basis for New Alpha Lithium Shares. Accordingly, the New Alpha Lithium Shares will be listed on the Exchange at the market opening on Tuesday, August 3, 2021.

Capitalization: Unlimited common shares with no par value of which

118,983,182 common shares are issued and outstanding

Escrowed Shares: nil

Transfer Agent: Computershare Investor Services Inc.

Trading Symbol: ALLI (UNCHANGED)

CUSIP Number: 02075X103 (NEW)

Delist:

In conjunction with the closing of the Plan of Arrangement, the Old Shares of Alpha Lithium will be delisted from the Exchange. Accordingly, effective at the close of business, Friday, July 30, 2021 the Old Shares of Alpha Lithium will be delisted. i

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