Mr. Tyler Dinwoodie reports
ALABAMA GRAPHITE SECURITYHOLDERS OVERWHELMINGLY APPROVE ACQUISITION BY WESTWATER RESOURCES
Alabama Graphite Corp.
has released the positive outcome of the securityholder vote at the special meeting of Alabama Graphite securityholders held earlier today. At the meeting, securityholders of the corporation overwhelmingly approved the plan of arrangement transaction pursuant to which
Westwater Resources Inc.
will acquire, through a wholly owned subsidiary, all of the issued and outstanding common shares of the corporation.
A total of 63,064,439 combined securities, representing 35.70 per cent of all Alabama Graphite securities, including common shares, options and warrants, were represented at the meeting. A total of 97.24 per cent of these combined securities were voted for the arrangement by their respective holders.
A total of 54,010,708 common shares, representing 37.17 per cent of the issued shares of the corporation, were represented at the meeting. A total of 96.86 per cent of these common shares were voted for the arrangement by their respective holders.
The corporation will be seeking a final order from the Supreme Court of British Columbia with respect to the arrangement later this month, and the arrangement is expected to be completed in the second quarter of 2018.
Approve plan of arrangement -- holders of common shares
The holders of common shares of the corporation, present in person or represented by proxy at the meeting, voted on the resolution to approve the arrangement with Westwater.
VOTING RESULTS FOR WESTWATER DEAL
FROM THE HOLDERS OF COMMON SHARES
Number of shares Percentage of votes cast
For Against For Against
52,317,008 1,693,700 96.86% 3.14%
Approve plan of arrangement -- holders of combined securities
The combined securityholders of the corporation, present in person or represented by proxy at the meeting, voted on the resolution to approve the arrangement with Westwater.
VOTING RESULTS FOR WESTWATER DEAL
FROM THE HOLDERS OF THE COMBINED SECURITIES
Number of options Percentage of votes cast
For Against For Against
61,320,739 1,743,700 97.24% 2.76%
Further information about the arrangement is set out in Alabama Graphite's management information circular dated Feb. 7, 2018, which is available on the corporation's website and has been filed under Alabama Graphite's profile on SEDAR.
No other business occurred at the meeting.
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 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.
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