Argentina Lithium Increases Non-Brokered Private Placement and Closes 2nd Tranche
Argentina Lithium Increases Non-Brokered
Private Placement and Closes 2nd Tranche
/NOT FOR DISTRIBUTION TO
THE UNITED STATES
/
VANCOUVER, BC
,
Nov. 26, 2021
/CNW/ -
Argentina Lithium & Energy Corp.
(TSXV: LIT) (FSE:
OAY3) (OTC: PNXLF),
("Argentina Lithium" or the "Company")
announces that due to high
investor demand, the Company has increased the private placement amount announced on
November 1, 2021
from
$4,950,000
to
$6,750,000
consisting of 15 million units (the "Units") at
$0.45
per Unit.
The Company further announces that it has closed a 2
nd
Tranche of the private placement financing
through the issuance of 4,996,333 Units for aggregate gross proceeds to the Company of
$2,248,350
. To date, the Company has closed on 11,104,837 Units for aggregate gross proceeds
of
$4,997,177
.
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
November 26, 2024
for this 2
nd
Tranche.
For this 2
nd
Tranche, Finder's fees of
$105,157.50
are payable in cash on a portion of the private
placement to parties at arm's length to the Company. In addition, 233,683 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
November 26, 2024
.
Certain insiders of the Company participated in the Private Placement for
$100,350
in this 2
nd
Tranche 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 2
nd
Tranche of the financing are subject to a four-month hold period expiring on
March 26, 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
,
,
,
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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:
http://www.newswire.ca/en/releases/archive/November2021/26/c5225.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 15:31e 26-NOV-21