/NOT FOR DISTRIBUTION TO THE UNITED STATES /
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 2 nd 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 2 nd Tranche.
For this 2 nd 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 2 nd 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 2 nd 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 , 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.
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