Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQB:PNXLF) has announced a non-brokered private placement financing of up to 24,000,000 units at a price of $0.25 per unit for gross proceeds of $6 million.
The company said the proceeds of the financing will be used for general working capital and exploration on its properties in Argentina.
Each unit will consist of one common share and one transferrable common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share in the capital of the company at $0.40 per share for two years from the date of issue.
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This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws.
Directors, officers and employees of the company may participate in a portion of the financing. A commission may be paid on a portion of the financing, it added.
Argentina Lithium & Energy is focused on advancing high-quality lithium projects in Argentina toward production in order to meet the growing global demand from the battery sector.
The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993. The Grosso Group has a long history of success in the resource sector of Argentina and has assembled a first-rate team of experts to acquire and advance the best lithium properties in the 'Lithium Triangle'.
Contact the author at jon.hopkins@proactiveinvestors.com