/NOT FOR DISTRIBUTION TO THE UNITED STATES/
VANCOUVER, BC, Aug. 11,
2022 /CNW/ - Argentina Lithium & Energy
Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF), ("Argentina
Lithium" or the "Company") is pleased to announce it has
closed the 1st Tranche of the non-brokered private
placement financing announced on July 21,
2022, and increased on August
9 and August 11, 2022 through
the issuance of 6,215,000 units ("Units") at a subscription
price of $0.20 per Unit for aggregate
gross proceeds to the Company of $1,243,000.
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 $0.38 per share for two years from the date of
issue, expiring on August 11,
2024.
The proceeds of the financing will be used in part to complete
the acquisition of the Rinconcita II mining concession area located
on the Salar de Rincon in Salta
Province, Argentina, from
provincially-owned company Recursos Energéticos y Mineros Salta
S.A. The balance of the proceeds will be used for general
working capital and exploration on its properties in Argentina.
Finder's fees of $36,260 are
payable in cash on a portion of the private placement to parties at
arm's length to the Company. In addition, 181,300 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 $0.38 per
share for two years from the date of issue, expiring on
August 11, 2024.
Certain insiders of the Company participated in the Private
Placement for $20,000 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 December
11, 2022.
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.
SOURCE Argentina Lithium & Energy Corp.