Argentina Lithium & Energy Corp. (TSXV: LIT) has closed a private placement for aggregate gross proceeds of $3,326,000.
The company has also closed the acquisition of the Rinconcita II mining concession area located on the Salar de Rincon in Salta Province, Argentina from provincially-owned company Recursos Energéticos y Mineros Salta S.A. (REMSA).
The proceeds of the financing were used, in part, to complete the acquisition of Rinconcita II from REMSA. The balance of the proceeds will be used for general working capital and exploration on its properties in Argentina.
In consideration for the acquisition of Rinconcita II, the Company made a payment to REMSA of US$2,500,000 and granted REMSA a 3% net smelter return of mineral and refined products sourced from Rinconcita II over its production life, if the property advances to the production stage.
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 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”.
The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
For further information please visit: https://argentinalithium.com/
