Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQX:LILIF) announced a non-brokered private placement offering to raise between $2 million and $3.5 million.
The company plans to issue a minimum of 13.33 million units at $0.15 per unit, for gross proceeds of $2 million, and a maximum of 23.33 million units, aiming to raise $3.5 million.
Each unit consists of one common share and one transferable common share purchase warrant, allowing investors to buy an additional share at $0.20 for three years.
Nikolaos Cacos, President and CEO, noted that while the company secured a substantial investment from Stellantis in October 2023, which will fund drilling and exploration activities in Argentina, the current financing is intended to support corporate activities alongside ongoing exploration efforts.
The company’s prepaid drilling services contract for up to 15,500 meters, valued at over $51 million, ensures the funding of drill programs for the next few years, Cacos added.
Argentina Lithium & Energy owns over 70,000 hectares in Argentina’s famed Lithium Triangle.