Vancouver-based mining company's CEO doesn't know why heavy trading caused shares to spike

It was a lucrative week for shareholders in Alpha Lithium Corporation, which is traded on the TSX Venture Exchange.

The junior mining company's stock shot up 26 percent from the opening bell on June 15 to the end of trading on Friday (June 19). It's now at $0.68.

Friday and Thursday were the third- and fourth-heaviest volume days of 2020 in Alpha Lithium stock. Approximately 1.66 million shares changed hands.

In a market update, the Vancouver-headquartered company's CEO, Brad Nichol, said that management is unaware of any undisclosed material change that would account for this activity.

The statement was released at the request of the Investment Industry Regulatory Organization of Canada.

Alpha Lithium says it has 100 percent ownership of more than 27,500 hectares in Argentina's Salta province. Its market capitalization is $35 million.

The company describes its property as being within the "Lithium Triangle", saying it's surrounded by multibillion-dollar lithium assets.

Alpha Lithium changed its year-end reporting to December 31, which means its last "annual" report covers 14 months. Over that period, it posted a $1.56-million loss, and it expects to continue incurring losses as it continues in the exploration phase.

As of December 31, it had a working-capital deficit of $555,064 and an accumulated deficit of nearly $11.8 million.

"After considering the receipt of $2,000,250 through a non-brokered private placement and $1,516,857 in proceeds from the exercise of warrants subsequent to December 31, 2019, management has concluded that there are no material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern for a period of twelve months from the balance sheet date," it stated.

On March 9, Alpha Lithium bought all the shares of 1146915 B.C. Ltd. in a stock transaction by issuing nearly 15 million common shares and nearly three million share-purchase warrants. The warrants can be exercised at $0.30 per share.