Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQB:PNXLF) announced plans to raise up to $4.95 million via a non-brokered private placement to help advance its lithium projects in Argentina.
The company will offer up to 11 million units at a price of $0.45 per unit for gross proceeds of $4.95 million.
READ: Argentina Lithium & Energy set to acquire two prime lithium exploration properties in famous 'Lithium Triangle'
Each unit will consist of one common share and one transferrable common share purchase warrant, which will entitle the holder to purchase one additional share at $0.70 per share for three years from the date of issue.
Argentina Lithium & Energy is a junior explorer hoping to tap into what it believes will be significant demand for a cleaner, greener future.
The group is currently evaluating the next steps for its Salar de Incahuasi project in Catamarca province, as the Salar de Antofalla, which is around 150 kilometres long and up to 7 kilometres wide, and where the geology is similar to other salars in the Puna region where lithium and potash are found. Reported grades from the salar include 350 milligrams per litre (mg/l) lithium and 6,400 mg/l potash.
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