MM ASSET MANAGEMENT CONFIRMS CONTROL OVER SECURITIES OF ALPHA LITHIUM CORPORATION

TORONTO, Oct. 17, 2023 /CNW/ - MM Asset Management Inc. ("MM Asset") announced that, on behalf of MMCAP International Inc. SPC ("MMCAP"), an investment fund advised by MMAM, it has acquired control and direction over 15,573,400 common shares ("Common Shares") of Alpha Lithium Corporation ("ALLI") through the open market facilities of the NEO Exchange after a take-over bid had been filed for the Common Shares.

Currently, MM Asset exercises control or direction over an aggregate of 15,573,400 Common Shares and 500,000 warrants of ALLI ("Warrants"), representing approximately 8.52% of ALLI's 188,181,693 outstanding Common Shares, as reported by ALLI in its Notice of Change to Directors' Circular dated September 28, 2023, calculated on a partially diluted basis.  Each Warrant is exercisable into one Common Share at an exercise price of $1.45 per share until December 10, 2023.

MM Asset exercises control and direction over the securities of ALLI for investment purposes.  Depending on market conditions and other factors, MM Asset, on behalf MMCAP, may from time to time increase or decrease its ownership, control or direction over securities of  ALLI through market transactions, private agreements or otherwise.

SOURCE MM Asset Management Inc.

For further information please contact: Hugh MacLean, Chief Compliance Officer, Tel: [phone]