NEWS
VANCOUVER, B.C., Nov. 21, 2017 (GLOBE NEWSWIRE) -- Argentina Lithium & Energy Corp. (TSX-V:LIT) (FSE:OAY1) (WKN:A0RK7E) (OTC:PNXLF) (“Argentina Lithium” or the “Company”) is pleased to announce a non-brokered private placement financing of up to 10,000,000 units at a price of $0.33 per unit for gross proceeds of $3,300,000.
Each unit will consist of one common share and one transferrable common share purchase 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 one year from the date of issue. If the volume weighted average price for the Company's shares is $0.60 or greater for a period of 5 consecutive trading days, then the Company may deliver a notice (the "Notice") to the warrantholder that the Warrants must be exercised within twenty (20) days from the date of delivery of such Notice, otherwise the Warrants will expire at 4:30 p.m. (Vancouver time) on the twenty-first (21st) day after the date of delivery of the Notice. The accelerated exercise shall not apply until the expiration of the four-month hold period required under Exchange policies and rules, and securities laws that are applicable to the Company.
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 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. The proceeds of the financing will be used for exploration programs on the Company’s projects in Argentina and for general working capital.
This is just what this company needs, a little more working capital! Blue Skys ahead! :)