Argentina Lithium increases private placement to $9M

Nov 16, 2022

2022-11-16 09:49 ET – News Release

Mr. Nikolaos Cacos reports

ARGENTINA LITHIUM INCREASES NON-BROKERED PRIVATE PLACEMENT

Argentina Lithium & Energy Corp., due to high investor demand, has increased the private placement amount announced on Nov. 3, 2022, from $6-million to $9-million, consisting of 36 million units at 25 cents per unit.

Each unit will consist of one common share and one transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the company at 40 cents per share for two years from the date of issue.

Certain insiders of the company participated in the private placement. Such participation represents a related-party transaction under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions, but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceed 25 per cent of the company’s market capitalization.

This financing is subject to TSX Venture Exchange acceptance and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. A commission may be paid on a portion of the financing. The proceeds of the financing will be used in part to complete the acquisition. The balance will be used for general working capital and exploration on its properties in Argentina.

About Argentina Lithium & Energy Corp.

Argentina Lithium is focused on acquiring high-quality lithium projects in Argentina and advancing them toward production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina, and has assembled a first-rate team of experts to acquire and advance the best lithium properties in the world renowned lithium triangle. The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

https://argentinalithium.com/about-us/management/