Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQB:PNXLF) has increased, for the second time, the size of the private placement first announced on November 3, citing greater investor demand.
The company upped the placement amount to C$9,085,237 from C$9 million, offering more than 36.3 million units at a price of $0.25 each. The company has closed the placement at those terms.
Proceeds of the financing will be used for general working capital and exploration of its properties in Argentina, the company said.
READ: Argentina Lithium & Energy hikes private placement by $3M to $9M following high investor demand
Each unit consists of one common share and one transferrable common share purchase warrant, which entitles the holder to purchase an additional share for a price of $0.40 for a period of two years.
Insiders of the company participated in the offering for over $1.5 million worth of units, the company said. The financing remains subject to regulatory approval.
Argentina Lithium is focused on acquiring high-quality lithium projects in Argentina, and advancing them toward production 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.
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