Junior corporate roundup: Argentina Lithium, Lithium Power, Mirasol, Monarca, Neo Lithium

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Wednesday, November 22, 2017

Vancouver-based Argentina Lithium & Energy, which is developing the Arizaro and Incahuasi lithium projects in Argentina, said it will issue a private placement.

The placement would be for up to 10mn units at Cdn$0.33/unit (US$0.26) for a total potential transaction of Cdn$3.3mn, the company said. Each unit is made up of one common share and one common share purchase warrant, it added.

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Australian miner Lithium Power International, which is developing the Maricunga lithium project in Chile, said in a statement that it completed a Aus$15mn (US$11.4mn) private placement.

The placement, which was underwritten by Canaccord Genuity, involved 27.3mn shares at Aus$0.55/share.

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Vancouver's Mirasol Resources announced that it signed an option agreement with a unit of Australian miner Newcrest Mining for its Altazor gold project in Chile.

Newcrest will be able to acquire up to an 80% stake in the 22,900ha property in exchange for exploration work and US$1.8mn in cash, according to a statement. The deal will accelerate this year's exploration program, including soil sampling, alteration mapping, magnetic and electrical geophysical studies and a drilling decision, Mirasol said.

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Toronto-based Monarca Minerals signed a letter of intent to acquire the San José gold-silver-lead-zinc-copper project in Chihuahua, Mexico.

Monarca will be able to acquire the 5,580ha property from a group of landowners in exchange for US$150,000 in cash payments in addition to US$390,000 in payment of property backtaxes and a 2% NSR, the company stated.

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Toronto's Neo Lithium, which is developing the Tres Quebradas lithium project in Catamarca, Argentina, said it completed a Cdn$30mn private placement.

The placement, which was underwritten by a syndicate of companies led by Cormark Securities, involved 15.4mn shares at Cdn$1.95/share, the company said.