Arena Minerals to Acquire Antofalla Minerals S.A.

Arena Minerals (TSXV:AN) has entered a binding share purchase agreement to acquire Antofalla Minerals S.A., which owns Argentinian lithium brine projects.

As quoted in the press release:

AMSA’s flagship project covers 4,000 hectares of Salar de Antofalla immediately south and adjacent to Albemarle Corporation’s Antofalla project. AMSA also has projects in the Hombre Muerto and Pocitos salars, and a pending claim for another 2,000 hectares in Antofalla South.

The purchase price for all of the outstanding shares of AMSA is US$400,000 in cash and 10,000,000 common shares of Arena. The vendors are not entitled to any other post-closing royalties or other payments.

William Randall, Arena president and CEO, commented:

“The acquisition is Arena’s first step towards becoming a low-cost lithium brine producer, by employing our decades worth of brine processing experience. We also retain a network of local technical capability and manpower, which is being reassembled to move this project forward.”

Click here to read the full press release.