Argentina Lithium & Energy Corp. (CVE:LIT) (OTCQB:PNXLF) said that due to continued high investor demand it has again increased the amount to be raised in the private placement announced on March 29, 2021, and then increased on March 30, to $762,065 consisting of 8,484,500 units at 9 cents per unit.
Each unit in the offering will consist of one common share and one transferable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the company at 15 cents per share for three years from the date of issue.
The proceeds of the financing will be used for general working capital, the company said.
The financing is subject to regulatory approval and all securities to be issued are subject to a four-month hold period under applicable Canadian securities laws. Directors, officers and employees of the company may participate in a portion of the financing. A commission may be paid on a portion of the financing.
Argentina Lithium & Energy is focused on acquiring high-quality lithium projects in Argentina and advancing them toward 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.
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