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Argentina Lithium Completes $3,326,000 Private Placement and Acquisition of Rinconcita II at Salar De Rincon

Maxis Law represented Argentina Lithium with a team led by Michael Varabioff.

On August 25, 2022, Argentina Lithium & Energy Corp. (“Argentina Lithium”) announced the closing of its non-brokered private placement financing (the “Private Placement”) of 6,215,000 units (each, a “Unit”) at a purchase price of $0.20 per Unit (the “Offering Price”) for gross proceeds of $1,243,000 (the “First Tranche”), with a final tranche of the Private Placement consisting of 10,415,000 Units at the Offering Price for gross proceeds of $2,083,000 (the “Final Tranche”), for aggregate gross proceeds to Argentina Lithium of $3,326,000 million. Each Unit was comprised of one common share in the capital of Argentina Lithium (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.38 per share until August 11, 2024 for the First Tranche and August 25, 2024 for the Final Tranche.

In addition, Argentina Lithium closed the acquisition of the Rinconcita II mining concession area located on the Salar de Rincon in Salta Province, Argentina from a provincially owned company, Recursos Energéticos y Mineros Salta S.A (the “Acquisition”).

Argentina Lithium 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 management group has a long history of success in the resource sector of Argentina, and has assembled a first rate team of experts to acquire and advance the best lithium properties in the world renowned “Lithium Triangle”. Argentina Lithium is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

Further details regarding Argentina Lithium, the Private Placement, and the Acquisition can be found on Argentina Lithium’s website. Argentina Lithium trades under the symbol “LIT” on the TSX Venture Exchange.