Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQB:PNXLF) said it has closed the option agreement for the Rincon West and Pocitos properties in Argentina’s Salta province.
The lithium company now has 100% ownership of the 2,370 hectare Rincon West and 15,857 hectare Pocitos properties, which are located in the famed Lithium Triangle.
Under the terms of the agreement, Argentina Lithium issued 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.
READ: Argentina Lithium & Energy receives TSXV approval for its Rincon West and Pocitos property acquisitions
The firm is planning to begin an exploration and drilling program on the properties, which it believes holds “exceptional lithium discovery potential”.
Vancouver-based 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.
Contact Angela at angela@proactiveinvestors.com
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