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Argentina Lithium & Energy Corp (TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF) has announced an application to the TSX Venture Exchange to extend the term of its outstanding warrants. The company plans to extend the expiration date of 16,630,000 warrants, which are set to expire on August 11 and August 25, 2024, to new expiration dates of August 11 and August 25, 2027, respectively. These warrants were initially issued through a private placement in August 2022.
The exercise price for these warrants will remain at $0.38 per share. Each warrant is exchangeable for one common share of the company upon exercise.
Additionally, the company reports that 9,100,000 out of the 16,630,000 warrants are held by insiders. As a result, the extension of these warrants qualifies as a ‘related party transaction’ based on Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Shareholders (‘MI 61-101’). The company has relied on specific exemptions from valuation and minority shareholder approval requirements under MI 61-101 and Exchange Policy 5.9.
The proposed amendment is subject to the approval of the TSX Venture Exchange.
About Argentina Lithium
Argentina Lithium & Energy Corp is focused on acquiring high-quality lithium projects in Argentina. The company aims to advance these projects towards production to meet the growing global demand from the battery sector. A recent strategic investment by Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V., places the company in a unique position for exploration and development.
Argentina Lithium manages four key projects covering over 67,000 hectares in Argentina’s Lithium Triangle. The management team has decades of success in the Argentine resource sector and has assembled highly prospective lithium properties. The company is part of the Grosso Group, which has been pioneering 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 accepts responsibility for the adequacy or accuracy of this release.
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