- Arena Minerals has acquired the Sal de la Puna lithium project and has closed the first tranche of its $10 million private placement
- 42,857,143 subscription receipts were issued to Lithium Americas Corporation at a price of $0.14 per receipt for aggregate consideration of $6 million
- GFL International Co. Ltd. is expected to participate in the company’s second tranche, scheduled to close shortly
- Arena has completed the acquisition of all of the shares of Centaur Resources Holdings for $US22 million
- Consideration included 49,345,314 common shares of Arena, 18,384,519 share purchase warrants and a cash payment of US$1.98-million
- Arena Minerals Inc. (ML) is down 0.29 per cent, trading at C$3.48 per share at 3:10 pm ET
Arena Minerals has acquired the Sal de la Puna lithium project and has closed the first tranche of its $10 million private placement.
William Randall, President and Chief Executive Officer of Arena Minerals commented,
“With recent developments in the Pastos Grandes basin closing this acquisition secures Arena with a strategic and key land package within a world class basin. Closing the acquisition of Sal de la Puna project as part of the Centaur Acquisition, with the support of our partner Ganfeng Lithium and strategic financing by Lithium Americas, is a transformative event for Arena.”
The company has closed an initial tranche of its private placement, issuing 42,857,143 subscription receipts to Lithium Americas Corporation at a price of $0.14 per receipt for aggregate consideration of $6 million.
Arena Minerals anticipates closing a second tranche for the remainder of the placement shortly, which will include participation by GFL International Co. Ltd., a subsidiary of Ganfeng Lithium Co., Ltd.
The subscription receipts were exchanged for units of Arena consisting of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share of Arena Minerals for $0.25 for a period of 24 months from the date of issuance.
Following the exchange of the subscription receipts, Lithium Americas held 42,857,143 common shares and 21,428,571 warrants.
Arena has completed the acquisition of all of the shares of Centaur Resources Holdings from Centaur. Consideration for the acquisition was approximately US$22 million. Arena Minerals has acquired a 100 per cent interest in the Sal de la Puna lithium brine project, which covers approximately 11,000 hectares of the Pastos Grandes basin located in the Puna region of Salta province.
Arena Minerals took an assignment of the right to acquire Centaur Resources Holdings from LITH-ARG Acquisition LLC pursuant to a binding MOU. Under the terms of the MOU, LITH-ARG agreed to assign to Arena all right, title and interest, entitling it to acquire Centaur Resources Holdings in consideration for payment of 49,345,314 common shares of Arena, 18,384,519 share purchase warrants and a cash payment of US$1.98-million.
Arena agreed to pay a finder’s fee of 5 per cent of the shares issued in connection with the MOU and is subject to the approval of the TSX Venture Exchange.
Millennial Lithium is engaged in the business of acquisition, exploration and development of lithium mineral properties.
Arena Minerals Inc. (ML) is down 0.29 per cent, trading at C$3.48 per share at 3:10 pm ET.
