Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQB:PNXLF) revealed it has increased its previously announced private placing to advance exploration at its properties in the South American country due to high investor demand.
The financing has been increased to C$6.75 million from C$4.95 million and now comprises the issue of 15 million units at C$0.45 each, the firm said in a statement.
Earlier in November, the company said it had closed a first tranche, issuing over 6.1 million units for gross proceeds of around C$2.74 million. Now, it has closed a second tranche of around 4.9 million units, raising around C$2.24 million.
So far, the company has closed on around 11.1 million units and raised around C$4.9 million gross.
In this second tranche, each unit consists of one share and one warrant exercisable at $0.70 per share for three years from the date of issue, expiring on November 26, 2024.
READ: Argentina Lithium & Energy closes first tranche of private placement raising gross proceeds of C$2.7M
Argentina Lithium noted that certain insiders of the company had participated in this second tranche for a total of C$100,350.
All securities issued pursuant to this second tranche are subject to a four-month hold period expiring on March 26, 2022.
Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQB:PNXLF) 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.
Contact the author at giles@proactiveinvestors.com