TORONTO, April 23, 2018 (GLOBE NEWSWIRE) -- Alabama Graphite Corp. (“Alabama Graphite” or the “Corporation”) (TSX-V:CSPG) (OTCQB:CSPGF) (FRANKFURT:1AG) is pleased to announce the successful completion of the previously announced Plan of Arrangement whereby Westwater Resources, Inc. (“Westwater”) (NASDAQ:WWR) has, effective today’s date, acquired all of the issued and outstanding common shares of Alabama Graphite (the “Arrangement”). Pursuant to the Arrangement, Westwater acquired all of the issued and outstanding Alabama Graphite common shares in exchange for shares of common stock of Westwater at a ratio of 0.08 of a share of Westwater’s common stock for each Alabama Graphite common share. In total, 11,625,210 common shares of Westwater were issued in exchange for all of the issued and outstanding common shares of Alabama Graphite. In addition, issued and outstanding options and warrants to acquire Alabama Graphite common shares were converted into rights to purchase shares of common stock of Westwater at the same exchange ratio of 0.08 of a share of Westwater’s common stock for each Alabama Graphite common share.
As a result of the closing of the Arrangement, the common shares of Alabama Graphite are expected to be delisted from the TSX Venture Exchange at the close of trading on or about April 23, 2018.
Alabama Graphite intends to apply to the relevant securities regulatory authorities to cease to be a reporting issuer in British Columbia, Alberta and Ontario.
Further information about the Arrangement is set out in Alabama Graphite’s Management Information Circular, which is available on the Corporation’s website at www.alabamagraphite.com and was filed under Alabama Graphite’s profile on SEDAR at www.sedar.com on February 12, 2018.
On behalf of the Board of Directors of
ALABAMA GRAPHITE CORP., a wholly owned subsidiary of Westwater Resources, Inc.
Christopher M. Jones
Chief Executive Officer and Director
Tel: +1 (303) 531-0480
ABOUT ALABAMA GRAPHITE CORP.
Alabama Graphite is a Canadian-based flake graphite exploration and development company as well as an aspiring battery materials production and technology company. Alabama Graphite operates through its wholly owned subsidiary, Alabama Graphite Company, Inc. (a company registered in the state of Alabama).
For more information on Alabama Graphite, please visit www.alabamagraphite.com.
ABOUT WESTWATER RESOURCES, INC.
Westwater (formerly Uranium Resources, Inc.) is focused on developing energy-related materials. Westwater has developed a dominant land position in three prospective lithium brine basins in Nevada and Utah in preparation for exploration and potential development of any lithium resources that may be discovered there. In addition, Westwater remains focused on advancing the Temrezli in-situ recovery uranium project in Central Turkey when uranium prices permit economic development of this project.
For more information on Westwater, please visit www.westwaterresources.net.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information under applicable Canadian securities laws (“forward-looking statements”), which may include, without limitation, the current expectations of management of Alabama Graphite regarding the delisting of Alabama Graphite’s common shares from the TSX Venture Exchange and the application to cease to be a reporting issuer in Canada. The forward-looking statements are based on the beliefs of management and reflect Alabama Graphite’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may”, “will” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current view of Alabama Graphite. Completion of the de-listing and related steps is subject to a number of conditions which are typical for transactions of this nature. Failure to satisfy any of these conditions, as well as obtain the final approval of the TSX Venture Exchange and any applicable securities commission, may result in these steps not being achieved.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and Alabama Graphite undertakes no obligation to update forward-looking statements (unless required by law) if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Alabama Graphite has also assumed that the material factors and assumptions will not cause any forward-looking statements to differ materially from actual results or events. However, the list of these factors and assumptions is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
CONTACT
Alabama Graphite Corp., a wholly owned subsidiary of Westwater Resources, Inc.
Christopher M. Jones
Chief Executive Officer and Director
+1 (303) 531-0480