TSX Venture Exchange (TSX-V):
LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQX
Venture Market: LILIF
VANCOUVER, BC, July 24,
2024 /CNW/ - Argentina Lithium & Energy
Corp. (TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF), ("Argentina
Lithium" or the "Company") announces that the
Company has made an application to the TSX Venture Exchange to
extend the term of the outstanding warrants as follows:
- 16,630,000 warrants that are set to expire on August 11 and August 25,
2024 to be extended to August
11 and August 25, 2027
respectively. These warrants were originally issued under a private
placement completed by the Company in 2 Tranches in August 2022.
The exercise price of the warrants will remain at $0.38. Each warrant, when exercised, will
be exchangeable for one common share of the Company.
The Company further reports that 9,100,000 of the 16,630,000
Warrants are held by insiders of the Company. As such, the
extension of such Warrants constitutes, to that extent, a "related
party transaction" within the meaning of Exchange Policy 5.9 and
Multilateral Instrument 61-101 – Protection of Minority
Shareholders ("MI 61-101"). The Company has relied on the
exemptions from the valuation and minority shareholder approval
requirements of MI 61-101 (and Exchange Policy 5.9), as the fair
market value of the Warrants held by the insiders does not exceed
25% of the market capitalization of the Company.
The amendment is subject to the approval of the TSX Venture
Exchange ("TSXV").
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 67,000 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
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 forward-looking statements.
Generally, forward-looking statements can be identified by
the use of terminology such as "anticipate", "will", "expect",
"may", "continue", "could", "estimate", "forecast", "plan",
"potential" and similar expressions. Forward-looking statements
address future events and conditions and therefore involve inherent
risks and uncertainties. All statements, other than statements of
historical fact, that address activities, events or developments
management of the Company believes, expects or anticipates will or
may occur in the future, including, without limitation, statements
about the Company's plans for its mineral properties; the Company's
business strategy, plans and outlooks; the future financial or
operating performance of the Company; and future exploration and
operating plans are forward-looking statements.
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SOURCE Argentina Lithium & Energy Corp.