XIB ASSET MANAGEMENT CONFIRMS CONTROL OVER SECURITIES OF ALPHA LITHIUM CORPORATION

TORONTO, Oct. 5, 2023 /CNW/ - XIB Asset Management Inc. ("XIB") announced that, on behalf of certain investment funds under its management, it has acquired control and direction over 10,018,900 common shares ("Common Shares") and 250,000 warrants ("Warrants") 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. Each Warrant is exercisable into one Common Share at an exercise price of $1.45 per share until December 10, 2023.

Currently, XIB exercises control or direction over an aggregate of 10,018,900 Common Shares and 250,000 Warrants, representing approximately 5.45% 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.

XIB exercises control and direction over the securities of ALLI for investment purposes. Depending on market conditions and other factors, XIB, on behalf of certain investment funds under its management, 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 XIB Asset Management Inc.

Adam Morin, Chief Compliance Officer, Tel: [phone]