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Caravel Capital urges Alpha Lithium Corp shareholders to accept Tecpetrol offer

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Caravel Capital Investments Incorporated, an event-driven market-neutral hedge fund based in Nassau, The Bahamas, has published an open letter urging Alpha Lithium Corporation (ALLI) shareholders to accept Tecpetrol’s ‘best and final’ CAD1.48 per share offer for the business.

While Caravel Capital, which collectively with its principals owns over 4,500,000 common shares of Alpha Lithium Corp, has no agreements or understandings with Tecpetrol, it is calling on the ALLI board of directors to endorse Tecpetrol’s revised offer, due to a “fiduciary obligation to protect the interests of all shareholders”. According to Caravel, recent trading activity has demonstrated that ALLI shareholders stand to incur substantial losses if Tecpetrol’s offer expires unsuccessfully.

Writing in the open letter, Caravel says: “Given ALLI management and its advisors’ inability to produce a superior proposal over the last 180 days, as well as Tecpetrol’s “Best and Final” language used in their revised offer, Caravel Capital intends to support Tecpetrol’s CAD1.48 offer to common shareholders. We urge ALLI’s shareholders and board of directors to support Tecpetrol’s revised CAD1.48 per share offer.”

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