Arena Minerals Announces First Tranche Closing of $2.8 Million Private Placement Led by Leading Lithium Producer Ganfeng Lithium Co.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES

Arena Minerals Inc. ("Arena" or the "Company") (TSX-V: AN) announces that it has closed an initial tranche of its private placement announced on February 4, 2021. The Company has issued an aggregate of 30,763,720 units (the " Units ") at a price of $0.05 per Unit for gross proceeds of $1,538,186. Each Unit consists of one common share of the Company (a " Common Share ") and one-half of one common share purchase warrant (each whole warrant, a " Warrant ").   Each Warrant entitles the holder to acquire one Common Share of the Company at $0.15 for a period of 36 months from the date of issuance.

Ganfeng Lithium Co. (" Ganfeng "; 1772.HK; OTCQX: GNENF) acquired 17,489,321 Units in the first tranche closing, and now holds approximately 9.9% of the Company's issued and outstanding shares. Ganfeng will acquire an additional 22,036,279 Units in a second closing which is expected to take place in approximately two to three weeks. Following completion of the second closing, Ganfeng will have acquired 39,525,600 Units. Ganfeng has undertaken not to exercise any Warrants which would result in it holding 10% or more of the Common Shares until the TSXV has confirmed it has completed a routine personal information form review required in the case of new insiders, and has further undertaken not to exercise any Warrants which would result in it holding 20% or more of the Common Shares until receipt of shareholder approval for it becoming a control person of the Company, as such term is defined in the TSXV Corporate Finance Manual.

The Common Shares and Warrants issued in the first tranche closing and any shares issued upon the exercise of the Warrants are subject to a four month resale hold period which expires on June 26, 2021.

The proceeds from the placement will be used by Arena to develop its Antofalla lithium brine property in the puna region of Argentina, for potential acquisitions, and for general corporate purposes.

About Arena Minerals Inc.

Arena owns the Antofalla lithium brine project in Argentina, consisting of four claims covering a total of 6,000 hectares of the central portion of Salar de Antofalla, located immediately south of Albemarle Corporation's Antofalla project.  Arena has developed a proprietary brine processing technology using brine type reagents derived from the Antofalla project with the objective of producing more competitive battery grade lithium products.

Arena also owns 80 percent of the Atacama Copper property, consisting of two projects covering approximately 7,000 hectares within the Antofagasta region of Chile. The projects are at low altitudes, within producing mining camps in infrastructure-rich areas, located in the heart of Chile's premier copper mining district.

To view our website, please visit www.arenaminerals.com. In addition to featuring information regarding the Company, its management, and projects, the site also contains the latest corporate news, a long form text explaining the unique business model of the Company (under the tab "the Company Explained") and an email registration allowing subscribers to receive news and updates directly.

For more information, contact William Randall, President and CEO, at +1-416-818-8711 or Simon Marcotte, Vice-President Corporate Development, at +1-647-801-7273 or smarcotte@arenaminerals.com.

On behalf of the Board of Directors of: Arena Minerals Inc.

William Randall, President and CEO


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Stack of US$100 bills with visible Benjamin Franklin portraits.

Altius Minerals to Expand Portfolio with C$520 Million Lithium Royalty Deal

Altius Minerals (TSX:ALS,OTCQX:ATUSF) is making a bet on a lithium market recovery, agreeing to acquire Lithium Royalty (TSX:LIRC) in a C$520 million deal that will expand its exposure to battery metals.Under a definitive agreement announced by the two companies on Monday (December 22), Altius... Keep Reading...
Person holding blocks with "apprenticeship" and symbols for learning, skills, and goals.

Liontown's First Tjiwarl Member Completes Apprenticeship at Kathleen Valley

Liontown (ASX:LTR,OTC Pink:LINRF) has reached a milestone at its Kathleen Valley operations, with Vaughan Harris becoming the first Tjiwarl community member to complete an apprenticeship with the company.“Being the first Tjiwarl apprentice to complete an apprenticeship here at Liontown feels... Keep Reading...
Lithium periodic symbol with batteries and stock chart on green digital background.

Lithium Market 2025 Year-End Review

The global lithium market endured a bruising 2025, with persistent oversupply and softer-than-expected electric vehicle (EV) demand driving prices for the battery metal to multi-year lows.Lithium carbonate prices in North Asia slipped below US$9,550 per metric ton in February — their weakest... Keep Reading...
Lithium-ion high-voltage battery component for electric vehicle or hybrid car.

Mining the Gap: 5 Forces Shaping North America’s Lithium Supply Chain

A convergence of industry investments, government initiatives and a shifting global trade dynamic is creating an environment ripe for the development of a North American battery supply chain, with lithium playing a leading role. These trends are reshaping the region’s industrial base and opening... Keep Reading...
Truck with drill rig at sunset in a dry, grassy landscape.

Rock Bottom: Strategic Window for Ground-level Lithium Investment

When lithium prices hit bottom, savvy investors know that’s exactly where the next big discovery begins — literally. Beneath the surface of global markets and remote exploration grounds, new opportunities are forming in the wake of a sharp price reset and renewed geopolitical urgency.Recent... Keep Reading...
Two people in suits shaking hands, symbolizing agreement or partnership.

Liontown Resources Pens Lithium Offtake Agreement with China's Canmax

Liontown Resources (ASX:LTR,OTC Pink:LINRF) has executed a binding offtake agreement with Chinese conglomerate Canmax Technologies (SZSE:300390) as part of its strategy to diversify its customer base.“Listed on the Shenzhen Stock Exchange, Canmax is one of the world’s leading manufacturers of... Keep Reading...

Interactive Chart

Latest Press Releases

Related News