Argentina Lithium Applies to Extend Warrants.
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:
- 16,630,000 warrants that are set to expire on August 11 and August 25, 2024 to be extended to August 11 and August 25, 2027 respectively. These warrants were originally issued under a private placement completed by the Company in 2 Tranches in August 2022.
The exercise price of the warrants will remain at $0.38. Each warrant, when exercised, will be exchangeable for one common share of the Company.
The Company further reports that 9,100,000 of the 16,630,000 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 Applies to Extend Warrants. source
