Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQB:PNXLF) said it has received TSX Venture Exchange (TSXV) approval for its previously-announced agreement to acquire the 2,370 hectare (Ha) Rincon West property and the 15,857 Ha Pocitos asset in Argentina's world renowned 'Lithium Triangle'.
Under the terms of the agreement, the company will issue 750,000 of its shares to the vendor on signing plus $500,000 worth of shares over 12 months and cash payments totaling US$4.2 million over 36 months, limited to only US$1.05 million in the first 18 months - US$800,000 of which are firm commitments over the first year.
"Now that we've received TSXV approval, we can begin our exploration and drilling program,” Argentina Lithium & Energy CEO Nikolaos Cacos said in a statement.
READ: Argentina Lithium & Energy expands footprint at Pocitos project to over 26,000 hectares with three new option deals
“These properties hold exceptional lithium discovery potential," Cacos added.
The company noted that any future share issuances will be at a deemed price per share equal to the greater of a volume-weighted average price calculation and C$0.218 per share.
Argentina Lithium & Energy 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 the famous 'Lithium Triangle.’
Contact Sean at sean@proactiveinvestors.com