Argentina Lithium & Energy Corp. (TSXV: LIT | FSE: OAY3 | OTCQX: LILIF) has announced a non-brokered private placement for the sale of: (i) a minimum of 13,333,334 units of the company at a price of C$0.15 per unit for aggregate gross proceeds of C$2,000,000.10; and (ii) a maximum of 23,333,334 units at the offering price for aggregate gross proceeds of C$3,500,000.10. Red Cloud Securities Inc. will be acting as a finder in connection with the offering.
Each unit will consist of one common share in the capital of the company and one transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share at an exercise price of C$0.20 per warrant share for a period of three years following the issue date of the unit.
“While we received a substantial investment from Stellantis last October 2023, those funds have been earmarked for our drilling and exploration activities on our projects in Argentina. A prepaid drilling services contract for up to 15,500m secured last October for just over C$51M ensures that all upcoming drill programmes for the next couple of years are fully funded,” stated Nikolaos Cacos, president and CEO. “The current financing will ensure that our corporate activities will keep pace with our ongoing exploration programmes.”
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