Argentina Lithium Increases and Closes Non-Brokered Private Placement

Argentina Lithium Increases and Closes Non-Brokered Private Placement

/NOT FOR DISTRIBUTION TO THE UNITED STATES /

Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF) ("Argentina Lithium" or the "Company") is pleased to announce that due to continued investor demand, the Company has increased the private placement amount announced on November 3, 2022 and increased on November 16, 2022 from $9,000,000 to $9,085,237 consisting of 36,340,948 units (the " Units ") at $0.25 per Unit.

Argentina Lithium & Energy Logo (CNW Group/Argentina Lithium & Energy Corp.)

The Company further announces that it has closed the non-brokered private placement through the issuance of 36,340,948 Units at a subscription price of $0.25 per Unit for aggregate gross proceeds to the Company of $9,085,237 .

Each Unit consists 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 years from the date of issue, expiring on November 21, 2024 .

Finder's fees of $22,260 are payable in cash on a portion of the private placement to parties at arm's length to the Company. In addition, 89,040 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 $0.40 per share for two years from the date of issue, expiring on November 21, 2024 .

Certain insiders of the Company participated in the Private Placement for $1,551,250 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.

The proceeds of the financing will be used for general working capital and exploration on its properties in Argentina .

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 expiring on March 21, 2023 .

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.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/November2022/21/c2872.html

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Argentina Lithium Drilling Continues to Produce Strong Lithium Results at the Rincon West Project

Argentina Lithium Drilling Continues to Produce Strong Lithium Results at the Rincon West Project

TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQX Venture Market: LILIF

Argentina Lithium & Energy Corp. (TSX-V: LIT) (FSE: OAY3) (OTCQX: LILIF) ("Argentina Lithium" or the "Company") reports positive results from the tenth and eleventh exploration holes at its Rincon West Project in Salta Province Argentina . Samples collected over a 295.5 m section of RW-DDH-010 ranged from 245 to 366 mgl lithium. Samples collected over a 321 m section of RW-DDH-011 ranged from 246 to 344 mgl lithium.

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Argentina Lithium Announces Commencement of Trading on OTCQX Market and New Symbol

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TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQX Market (OTCQX): LILIF

Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF), ("Argentina Lithium" or the "Company") is pleased to announce that its common shares are now trading on the OTCQX Best Market under the ticker symbol of LILIF . The OTCQX Best Market is the highest market tier of OTC Markets on which 12,000 U.S. and global securities trade. Trading on OTCQX will enhance the visibility and accessibility of the Company to U.S. investors. Argentina Lithium's common shares will continue to trade on the TSX Venture Exchange under the symbol LIT, and on the Frankfurt Stock Exchange under the symbol OAY3.

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At Western Shaw, previous reconnaissance rock chip samples have returned up to 58.5% Fe from outcrop, which extends over a 4km distance.

A Banded Iron Formation (BIF) with chert horizons was sampled over 4.4km but extends over 8km within the Western Shaw leases (E45/6107, E45/4960), with southern extensions held by the FMG group and Rio Tinto (E45/5589, E45/6326).

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Previous work had been conducted by Atlas Iron over 15 years ago with rockchip results up to 62.3%Fe+ (Table 2*). However recent sampling indicates further untested potential to the south. Atlas had previously intersected up to 57.4% Fe in RC drilling (0-2m, WSRC016) + (Table 2*) within strongly oxidized goethitic ironstone but Atlas' planned reconnaissance drill program was never completed, according to their WA mines dept reports. QXR's rock chip samples display 3km of untested strike length to the south of previous drilling and rockchip sampling.

QXR Managing Director, Stephen Promnitz, said: "Iron ore rockchip sample results with grades above 57% Fe are rare to locate this past decade and may lead to DSO potential if results continue to show promise. It's an exciting opportunity within our leases surrounded by majors in the sector. New work could show the potential for something significant, so we are excited to get this detailed sampling program underway."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/E4NGD6I5



About QX Resources Ltd:

QX Resources Limited (ASX:QXR) is focused on exploration and development of battery minerals, with hard rock lithium assets in a prime location of Western Australia (WA), and gold assets in Queensland. The aim is to connect end users (battery, cathode and car makers) with QXR, an experienced explorer/developer of battery minerals, with an expanding mineral exploration project portfolio and solid financial support.

Lithium portfolio: QXR's lithium strategy is centred around WA's prolific Pilbara province, where it has acquired a controlling interest in four projects through targeted M&A - all of which sit in strategic proximity to some of Australia's largest lithium deposits and mines. Across the Pilbara, QXR's regional lithium tenement package (both granted or under application) now spans more than 350 km2.

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THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

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