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Argentina Lithium Applies to Extend Warrants
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PR Newswire
VANCOUVER, BC, Nov. 6, 2024
TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FRA): OAY3
OTCQX Venture Market (OTC): PNXLF
VANCOUVER, BC, Nov. 6, 2024 /PRNewswire/ - 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:
- 35,767,948 warrants that are set to expire on November 21, 2024 to be extended to November 21, 2027. 36,340,948 warrants were originally issued on November 21, 2022 as part of the units issued under a private placement completed by the Company in November 2022. Subsequent to the issuance, 573,000 warrants were exercised.
The exercise price of the warrants will remain at $0.40. Each warrant, when exercised, will be exchangeable for one common share of the Company.
The Company further reports that 30,000,000 (held by insiders that are not officers or directors) and 305,000 (held by officers and directors) of the 35,767,948 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").
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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.
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