/NOT FOR DISTRIBUTION TO THE UNITED STATES/
VANCOUVER, BC, Nov. 16,
2022 /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 3, 2022,
from $6,000,000 to $9,000,000 consisting of 36,000,000 units (the
"Units") at $0.25 per Unit.
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 $0.40 per share for two (2) years from the date
of issue.
Certain insiders of the Company participated in the Private
Placement. 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 TSX Venture Exchange acceptance and
all securities to be issued pursuant to the financing are subject
to a four-month hold period under applicable Canadian securities
laws. A commission may be paid on a portion of the financing. The
proceeds of the financing will be used in part to complete the
acquisition. The balance 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
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.