Argentina Lithium revises LIFE offering to raise up to C$4.3M Proactive uses images sourced from Shutterstock

Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQX:LILIF) said it has amended the terms of its previously announced “best efforts” marketed offering under the listed issuer financing exemption (LIFE), with plans to raise up to C$4.3 million in gross proceeds.

The Vancouver-based company has entered into an agreement with Red Cloud Securities Inc., which is acting as sole agent and bookrunner for the offering.

Under the revised terms, Argentina Lithium will issue up to 35.8 million units at a price of C$0.12 per unit. Each unit will consist of one common share and one common share purchase warrant.

Each warrant will entitle the holder to purchase one additional common share at a price of C$0.16, exercisable starting 60 days after closing and expiring 36 months from the closing date.

The company has also granted Red Cloud an option to sell up to an additional 4.2 million units at the offering price, which could generate up to an additional C$0.5 million in gross proceeds. The option is exercisable in whole or in part up to 48 hours prior to closing. If fully exercised, total gross proceeds from the offering could reach about C$4.8 million.

Argentina Lithium said it intends to use the net proceeds to fund exploration and advancement of its Rincon West lithium project in Argentina, as well as for working capital and general corporate purposes.

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