/NOT FOR DISTRIBUTION TO THE UNITED STATES/
VANCOUVER, BC, Nov. 21,
2022 /CNW/ - Argentina Lithium & Energy
Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF), ("Argentina
Lithium" or the "Company") is pleased to announce that
due to continued investor demand, the Company has increased the
private placement amount announced on November 3, 2022 and increased on November 16, 2022, from $9,000,000 to $9,085,237 consisting of 36,340,948 units (the
"Units") at $0.25 per
Unit.
The Company further announces that it has closed the
non-brokered private placement through the issuance of 36,340,948
Units at a subscription price of $0.25 per Unit for aggregate gross proceeds to
the Company of $9,085,237.
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 $0.40 per share for two years from the date of
issue, expiring on November 21,
2024.
Finder's fees of $22,260 are
payable in cash on a portion of the private placement to parties at
arm's length to the Company. In addition, 89,040 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 $0.40 per share
for two years from the date of issue, expiring on November 21, 2024.
Certain insiders of the Company participated in the Private
Placement for $1,551,250 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.
The proceeds of the financing will be used for general working
capital and exploration on its properties in Argentina.
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 21,
2023.
ON BEHALF OF THE BOARD
"Nikolaos
Cacos"
_____________________________________
Nikolaos Cacos, President, CEO and
Director
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.
SOURCE Argentina Lithium & Energy Corp.