12:00 PM EDT, 10/29/2024 (MT Newswires) -- Argentina Lithium & Energy ( LILIF ) said on Tuesday it will raise up to $3.5 million in a private placement of share units to fund corporate activities.

The company is offering a minimum of 13.3-million units and a maximum of 23.3-million priced at $0.15 a piece for proceeds of between $2 million and $3.5 million. Each unit is made up of a share and a 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," chief executive Nikolaos Cacos said.

The company also said proceeds from Stellantis' (STLA) 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.

Argentina Lithium shares were last seen down $0.02 to $0.17 on the TSX Venture Exchange.

Price: 0.17, Change: -0.02, Percent Change: -10.53