Alpha Lithium Provides One-Year Anniversary Corporate Update - Seite 2

We subsequently announced a $3.7 million financing on June 19^th, 2020, at $0.37/unit, representing a 48% premium over the previous financing which we closed on July 14^th, 2020. Two days later, on July 16^th, 2020, we were very pleased to announce the results from our geophysics data collection and analysis. We shot new seismic, overlayed that with the existing seismic data, and determined that we may have discovered something new to the south; and so, we set out to perform a second round of geophysics in the previously unexplored southern extension of the salar.

On July 23, 2020, we were thrilled to announce a relatively rare bought deal financing to raise $5 million at $0.65/unit, representing a 76% premium to the previous financing price. We eventually raised $5.75 million in the oversubscribed financing.

On August 26^th, 2020 we started shooting the second round of geophysics, targeting the southern portion of the salar. We concluded the data accrual in early October and as of October 28^th, 2020, we had completed the design for the initial drilling program. On November 10^th, 2020, after reviewing the data from the second round of geophysics, we gained the confidence to expand the drilling program into the southern portion of the salar and mobilized a drilling rig in December. On November 18^th, 2020 we were very pleased to sign an agreement with the world-renowned principals of Beyond Lithium SA to work in-house with us to help design and implement the world’s most advanced Direct Lithium Extraction (“DLE”) process for the Tolillar Salar. We were subsequently extremely proud, on December 1^st, 2020, to mobilize the drilling rig and kick-off our inaugural drilling program.

January 2021 was an historic month for the Company. On January 25^th, 2021, we announced a second bought deal, intending to raise $10 million at $0.81/unit, which was a 25% premium to the previous financing price. The next day, on January 26^th, 2021, we added a second drilling rig to accelerate our drilling program. The demand for our shares was unprecedented and we ultimately increased the initial bought deal offering and closed it with proceeds of $23 million on February 19^th, 2021. With this second bought deal, we added more than a dozen of the world’s largest mining institutional investors to our shareholder base. The financing resulted in a cash balance of approximately $35 million in our treasury and an accelerated all operations, including drilling, data analysis and progress towards a DLE process.