Argentina Lithium Announces Private Placement
-NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO OR THROUGH US NEWSWIRE SERVICES-
Vancouver, BC / Marketwired / September 29, 2016 / Argentina Lithium and Energy Corp. (TSX-V: LIT, FSE: OAY1 (WKN: A0RK7E), "Argentina Lithium" or the "Company") is pleased to announce a non-brokered private placement financing of up to 10,000,000 units ("Units") at a price of $0.20 per unit for gross proceeds of $2,000,000.
Each Unit will consist of one common share and one transferrable common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at $0.30 per share for two years from the date of issue.
If the volume weighted average price for the Company's shares is $0.75 or greater for a period of 10 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 provision 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 this 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. Finders fees may be paid on a portion of the financing.
The proceeds of the financing will be used for general working capital.
ON BEHALF OF THE BOARD
Nikolaos Cacos, President & CEO
For further information please contact:
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.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
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.