/ NOT FOR DISTRIBUTION TO THE UNITED STATES /
VANCOUVER, BC, Nov. 10, 2021 /CNW/ - Argentina Lithium
& Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF),
("Argentina Lithium" or the "Company") is pleased to
announce it has closed the 1st Tranche of the
non-brokered private placement financing announced on November 1, 2021 through the issuance of
6,108,504 units ("Units") at a subscription price of
$0.45 per Unit for aggregate gross
proceeds to the Company of $2,748,826.80.
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 $0.70 per share for three years from the date of
issue, expiring on November 10,
2024.
The proceeds of the financing will be used for general working
capital and exploration on its properties in Argentina.
Finder's fees of $80,794.22 are
payable in cash on a portion of the private placement to parties at
arm's length to the Company. In addition, 179,543 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 10, 2024.
Certain insiders of the Company participated in the Private
Placement for $112,500 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 the financing are subject to a
four-month hold period expiring on March 10,
2022.
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.
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SOURCE Argentina Lithium & Energy Corp.