Mr. Tyler Dinwoodie reports
LEADING INDEPENDENT PROXY ADVISORS ISS AND GLASS LEWIS RECOMMEND ALABAMA GRAPHITE SECURITYHOLDERS VOTE IN FAVOUR OF PROPOSED PLAN OF ARRANGEMENT
Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC, two leading proxy advisory firms, have recommended that the securityholders of Alabama Graphite Corp. vote for the plan of arrangement whereby
Westwater Resources Inc. will acquire all of the issued and outstanding common shares of Alabama Graphite, at the corporation's special meeting of securityholders to be held on March 9, 2018.
ISS, for its part, cited the reasonable strategic and financial rationale in recommending that the securityholders of Alabama Graphite vote in favour of the arrangement. ISS anticipates that the arrangement will allow shareholders of Alabama Graphite to participate in the growth potential and future value creation of Westwater while also benefiting from Westwater's enhanced capital markets profile and liquidity.
"We are pleased that the proposed plan of arrangement with Westwater has gained the support of ISS and Glass Lewis," said Tyler Dinwoodie, president of Alabama Graphite. "The recommendations of these reputable, independent proxy advisers bolster our belief that this arrangement transaction is the best choice for Alabama Graphite's business, prospects and securityholders going forward."
Attention Alabama Graphite securityholders
The securityholders of Alabama Graphite are reminded to vote their proxy before 11 a.m. ET on Wednesday, March 7, 2018. Management and the board of directors of both Westwater and Alabama Graphite, as well as the special committee of Alabama Graphite's board of directors, are unanimously in support of the arrangement.
At the special meeting, securityholders will be asked to approve the arrangement in accordance with the terms of an arrangement agreement dated as of Dec. 13, 2017. Securityholders are encouraged to review the management information circular of Alabama Graphite dated Feb. 7, 2018, which provides further details of the arrangement. The arrangement remains subject to certain closing conditions, including approval by the securityholders and the Supreme Court of British Columbia, and is expected to be completed in the second quarter of 2018.
The circular and related voting materials have been filed on SEDAR and are also available on the Alabama Graphite website. Securityholders are urged to carefully review the meeting materials, as they contain important information regarding the arrangement and its consequences to securityholders.
About Alabama Graphite Corp.
Alabama Graphite is a Canadian-based flake graphite exploration and development company, as well as an aspiring battery material production and technology company. Alabama Graphite operates through its wholly owned subsidiary, Alabama Graphite Company Inc. (a company registered in the state of Alabama).
About Westwater Resources Inc.
Westwater (formerly Uranium Resources Inc.) is focused on developing energy-related minerals. 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 (ISR) uranium project in central Turkey when uranium prices permit economic development of this project.
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