/NOT FOR DISTRIBUTION TO THE UNITED STATES/
VANCOUVER, BC, Nov. 26, 2021 /CNW/ - Argentina Lithium &
Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF),
("Argentina Lithium" or the "Company") announces that
due to high investor demand, the Company has increased the private
placement amount announced on November 1,
2021 from $4,950,000 to
$6,750,000 consisting of 15 million
units (the "Units") at $0.45 per
Unit.
The Company further announces that it has closed a
2nd Tranche of the private placement financing through
the issuance of 4,996,333 Units for aggregate gross proceeds to the
Company of $2,248,350. To date, the
Company has closed on 11,104,837 Units for aggregate gross proceeds
of $4,997,177.
Each Unit will consist of one common share and one transferrable
common share purchase warrant (a "warrant"). Each Warrant will
entitle the holder thereof to purchase one additional common share
in the capital of the Company at $0.70 per share for three years from the date of
issue, expiring on November 26, 2024
for this 2nd Tranche.
For this 2nd Tranche, Finder's fees of $105,157.50 are payable in cash on a portion of
the private placement to parties at arm's length to the Company. In
addition, 233,683 non-transferable finder's warrants are issuable
(the "Finder's Warrants"). Each Finder's Warrant entitling a finder
to purchase one common share at a price of $0.70 per share for three years from the date of
issue, expiring on November 26,
2024.
Certain insiders of the Company participated in the Private
Placement for $100,350 in this
2nd Tranche in Units. Such participation represents a
related-party transaction under Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions
("MI 61-101"), but the transaction is exempt from the formal
valuation and minority shareholder approval requirements of MI
61-101 as neither the fair market value of the subject matter of
the transaction, nor the consideration paid, exceed 25% of the
Company's market capitalization.
This financing is subject to regulatory approval and all
securities to be issued pursuant to this 2nd Tranche of
the financing are subject to a four-month hold period expiring on
March 26, 2022. The proceeds of the
financing will be used for general working capital and exploration
on its properties in Argentina.
About Argentina Lithium
Argentina Lithium & Energy
Corp 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 management 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 world renowned "Lithium Triangle". The Company is a member
of the Grosso Group, a resource management group that has pioneered
exploration in Argentina since
1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
_______________________________
Nikolaos Cacos, President, CEO and
Director
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Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
The securities being offered have not been, nor will they be
registered under the United States Securities Act of 1933, as
amended, or state securities laws and may not be offered or sold
within the United States or to, or
for the account or benefit of, U.S. persons absent U.S. federal and
state registration or an applicable exemption from the U.S.
registration requirements. This release does not constitute an
offer for sale of securities in the
United States.
SOURCE Argentina Lithium & Energy Corp.