Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQB:PNXLF) announced it has closed a nearly C$6 million financing to support exploration on its South American lithium portfolio.
The company issued 2,155,500 units as part of its third and final tranche for aggregate gross proceeds of $969,975.
Combined with the first two tranches, the total amount raised was $5,967,152, via the issuance of 13,260,337 units.
READ: Argentina Lithium & Energy increases private placing to C$6.75M due to strong investor demand
Each unit consists of one share and one warrant exercisable at $0.70 per share for three years from the date of issue.
The firm also paid $67,898.25 in finder’s fees to parties at arm's length to the company, in addition to 150,885 non-transferable finder's warrants, entitling a finder to purchase one share at a price of $0.70 per share for three years from the date of issue, expiring on December 10, 2024.
Additional proceeds from the financing will go towards general working capital.
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.
The group recently acquired two prime lithium exploration properties in famous 'Lithium Triangle.’
Contact Angela at angela@proactiveinvestors.com
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