Argentina Lithium Closes Non-Brokered Private Placement
Argentina Lithium Closes Non-Brokered
Private Placement
/NOT FOR DISTRIBUTION TO
THE UNITED STATES
/
VANCOUVER, BC
,
Dec. 10, 2021
/CNW/ -
Argentina Lithium & Energy Corp.
(TSXV: LIT) (FSE:
OAY3) (OTC: PNXLF),
("Argentina Lithium" or the "Company")
announces that it has closed the
private placement announced on
November 1, 2021
and increased on
November 26, 2021
, through
the issuance of 2,155,500 Units in this 3
rd
and final tranche (the "Final Tranche") for aggregate gross
proceeds to the Company of
$969,975
. In total, the Company has closed on 13,260,337 Units for
aggregate gross proceeds of
$5,967,152
.
Each Unit will consist of one common share and one transferrable common share purchase warrant
(a "warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share
in the capital of the Company at
$0.70
per share for three years from the date of issue, expiring on
December 10, 2024
for this Final Tranche.
Finder's fees of
$67,898.25
for this Final Tranche are payable in cash on a portion of the private
placement to parties at arm's length to the Company. In addition, 150,885 non-transferable finder's
warrants are issuable (the "Finder's Warrants"). Each Finder's Warrant entitling a finder to purchase
one common share at a price of
$0.70
per share for three years from the date of issue, expiring on
December 10, 2024
.
There were no insiders who participated in the Final Tranche, however, certain insiders of the
Company participated in the Private Placement for
$212,850
in Units. Such participation represents
a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions ("
MI 61-101
"), 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% of the
Company's market capitalization.
This financing is subject to regulatory approval and all securities to be issued pursuant to this Final
Tranche of the financing are subject to a four-month hold period expiring on
April 10, 2022
.
The proceeds of the financing will be used for general working capital and exploration on its
properties in
Argentina
.
About Argentina Lithium
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in
Argentina
,
and advancing them towards 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.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
_______________________________
Nikolaos Cacos
, President, CEO and Director
,
,
,
Google+
,
RSS Feed
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
The securities being offered have not been, nor will they be registered under the United States
Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within
the United States
or to, or for the account or benefit of, U.S. persons absent U.S. federal and state
registration or an applicable exemption from the U.S. registration requirements. This release does
not constitute an offer for sale of securities in
the United States
.
SOURCE
Argentina Lithium & Energy Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/December2021/10/c0231.html
%SEDAR: 00019719E
For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-
0058, Email: [email protected]
CO: Argentina Lithium & Energy Corp.
CNW 14:31e 10-DEC-21