/NOT FOR DISTRIBUTION TO UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES/
TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQX Venture Market: LILIF
VANCOUVER, BC, Oct. 29,
2024 /CNW/ - Argentina Lithium & Energy
Corp. (TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF), ("Argentina
Lithium" or the "Company") announces a non-brokered
private placement for the sale of: (i) a minimum of 13,333,334
units of the Company (each, a "Unit") at a price of
$0.15 per Unit (the "Offering
Price") for aggregate gross proceeds of $2,000,000.10; and (ii) a maximum of 23,333,334
Units at the Offering Price for aggregate gross proceeds of
$3,500,000.10 (the
"Offering"). Red Cloud Securities Inc. will be acting as a
finder in connection with the Offering.
Each Unit will consist of one common share in the capital of the
Company (each, a "Common Share") and one transferrable
Common Share purchase warrant (each, a "Warrant"). Each
Warrant will entitle the holder thereof to purchase one additional
Common Share (each, a "Warrant Share") at an exercise price
of $0.20 per Warrant Share for a
period of three (3) years following the issue date of the Unit.
"While we received a substantial investment from Stellantis
last October 2023, those funds have
been earmarked for our drilling and exploration activities on our
projects in Argentina. A prepaid
drilling services contract for up to 15,500 meters secured last
October for just over $51 million
ensures that all upcoming drill programs for the next couple of
years are fully funded," stated Nikolaos Cacos, President and CEO. "The
current financing will ensure that our corporate activities will
keep pace with our ongoing exploration programs."
Please contact Shawn
Perger at 1-604-687-1828 or Toll-Free:
1-800-901-0058
Email: info@argentinalithium.com
Subject to compliance with applicable regulatory requirements
and in accordance with National Instrument 45-106 – Prospectus
Exemptions ("NI 45-106"), the Units will be offered for
sale to purchasers resident in Canada other than Quebec and in certain offshore jurisdictions
pursuant to the listed issuer financing exemption under Part 5A of
NI 45-106 (the "Listed Issuer Financing Exemption"). The
Units may also be sold in certain other jurisdictions pursuant to
applicable securities laws. The Common Shares issuable from the
sale of Units sold under the Listed Issuer Financing Exemption are
expected to be immediately freely tradeable under applicable
Canadian securities legislation if sold to purchasers resident in
Canada, subject to any hold period
imposed by the TSX Venture Exchange (the "Exchange") on the
securities issued to certain purchasers. There is an offering
document relating to the Offering that can be accessed under the
Company's profile at www.sedarplus.ca and on the Company's website
at www.argentinalithium.com. Prospective investors should read this
offering document before making an investment decision.
Closing of the Offering is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including but not limited to, the approval of the
Exchange. Directors, officers and employees of the Company may
participate in a portion of the Offering and any securities issued
to such directors and officers are subject to the Exchange's
four-month hold period. A commission may be paid to arm's length
finders on a portion of the Offering. The Company intends to use
the proceeds of the Offering for exploration programs on the
Company's projects in Argentina
and for general working capital.
The securities described herein have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws, and
accordingly, may not be offered or sold within the United States except in compliance with
the registration requirements of the 1933 Act and applicable state
securities requirements or pursuant to exemptions therefrom. This
press release does not constitute an offer to sell or a
solicitation to buy any securities in any jurisdiction.
About Argentina Lithium
Argentina Lithium & Energy Corp is focused on acquiring high
quality lithium projects in Argentina and advancing them towards
production in order to meet the growing global demand from the
battery sector. The Company's recent strategic
investment by Peugeot Citroen Argentina S.A., a subsidiary of
Stellantis N.V., one of the world's leading automakers, places
Argentina Lithium in a unique position to explore, develop and
advance its four key projects covering over 70,000 hectares in the
Lithium Triangle of Argentina.
Management has a long history of success in the resource sector of
Argentina and has assembled some
of the most prospective lithium properties in the world renowned
"Lithium Triangle". The Company is a member of the Grosso Group, a
resource management group that has pioneered exploration in
Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
_______________________________
Nikolaos Cacos, President, CEO and
Director
www.argentinalithium.com
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 contains certain statements and information
that may be considered "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities laws. In some cases, but not necessarily in all cases,
forward-looking statements and forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "is positioned", "estimates", "intends",
"assumes", "anticipates" or "does not anticipate" or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might", "will"
or "will be taken", "occur" or "be achieved" and other similar
expressions. In addition, statements in this news release that are
not historical facts are forward looking statements, including
statements or information concerning the use of proceeds of the
Offering; the Company's expectations about when the Offering will
close, if the Offering closes at all; the Company's expectation
that it will meet the requirements of the Exchange necessary to
have the Common Shares listed; the size and other terms of the
Offering and the expectation that all of the closing conditions
will be met.
These statements and other forward-looking information are
based on assumptions and estimates that the Company believes are
appropriate and reasonable in the circumstances, including, without
limitation, assumptions about the proposed completion of the
Offering; future prices of lithium; the price of other commodities;
currency exchange rates and interest rates; favourable operating
conditions; political stability; timely receipt of governmental
approvals, licences and permits (and renewals thereof); access to
necessary financing; stability of labour markets and market
conditions in general; availability of equipment; the accuracy of
mineral resource estimates and preliminary economic assessments;
estimates of costs and expenditures to complete the Company's
programs and goals; and there being no significant disruptions
affecting the development and operation of the project.
There can be no assurance that such statements will prove to
be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Company's expectations include: the risk that the Offering will
not complete on the timeline anticipated or at all; the risk that
all necessary regulatory approvals will not be obtained, including
the approval of the Exchange; the risk that the Company will not be
able to utilize the proceeds of the Offering as anticipated; risks
associated with the business of the Company; business and economic
conditions in the mining industry generally; the supply and demand
for labour and other project inputs; changes in commodity prices;
changes in interest and currency exchange rates; risks relating to
inaccurate geological and engineering assumptions; risks relating
to unanticipated operational difficulties; failure of equipment or
processes to operate in accordance with specifications or
expectations; cost escalations; unavailability of materials and
equipment; government action or delays in the receipt of government
approvals; industrial disturbances or other job action;
unanticipated events related to health, safety and environmental
matters; risks relating to adverse weather conditions; political
risk and social unrest; changes in general economic conditions or
conditions in the financial markets; ongoing war in Ukraine, rising inflation and interest rates
and the impact they will have on the Company's operations, supply
chains, ability to access mining projects or procure equipment,
supplies, contractors and other personnel on a timely basis or at
all and economic activity in general; and other risk factors as
detailed from time to time in the Company's continuous disclosure
documents filed with Canadian securities regulators. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
SOURCE Argentina Lithium & Energy Corp.