Vancouver, BC / Stockwatch / January 14, 2020 / Argentina Lithium & Energy Corp. (TSX-V: LIT, FSE: OAY1 (WKN: A0RK7E), OTC: PNXLF), (“Argentina Lithium” or the “Company”) is pleased to announce it has closed the non-brokered private placement financing announced on December 6, 2019 through the issuance of 14,540,000 units (“Units”) at a subscription price of $0.05 per Unit for aggregate gross proceeds to the Company of $727,000.
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 $0.10 per share for two years from the date of issue.
The proceeds of the financing will be used for general working capital.
Certain insiders of the Company participated in the Private Placement for $125,000 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 May 14, 2020.
ON BEHALF OF THE BOARD
Nikolaos Cacos, President, CEO and Director
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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.