08:53 AM EDT, 10/29/2024 (MT Newswires) -- Argentina Lithium & Energy ( LILIF ) said on Tuesday that it will raise up to $3.5 million in a private placement of units to fund corporate activities.

The offering comprises a minimum of 13.3 million units and a maximum of 23.3 million price at $0.15 a piece for proceeds of between $2 million and $3.5 million. Each unit will consist of one share and one transferrable warrant, which can be exercised at $0.20 per share for three years.

"The current financing will ensure that our corporate activities will keep pace with our ongoing exploration programs," President and CEO Nikolaos Cacos said.

The company said proceeds from Stellantis' investment in October 2023 have been earmarked for its exploration activities in Argentina.

Argentina Lithium said its prepaid drilling services contract for up to 15,500 meters secured last October for over $51 million ensures that all of its upcoming drill programs for the next couple of years are fully funded.