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Arena Minerals has entered a binding share purchase agreement to acquire Antofalla Minerals S.A., which owns Argentinian lithium brine projects.
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.”