Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQX:LILIF) said it has amended the terms of a previously announced non-brokered private placement to raise a minimum of $1.2 million and a maximum of $3.5 million.
The amended offering involves the sale of between 8 million and 23.33 million units at a price of $0.15 per unit. Each unit comprises one common share and one transferrable warrant, which allows the holder to purchase an additional common share at an exercise price of $0.20 for three years from the issuance date.
Argentina Lithium CEO Nikolaos Cacos stated that while a $51 million investment from Stellantis in October 2023 funded extensive drilling programs across the company’s projects in Argentina, the current financing aims to support corporate activities in line with ongoing exploration.
“A prepaid drilling services contract for up to 15,500 meters secured last October for just over $51 million ensures that all upcoming drill programs for the next couple of years are fully funded,” Cacos told investors.
“The current financing will ensure that our corporate activities will keep pace with our ongoing exploration programs.”