Arena Minerals Inc. ("Arena" or the "Company") (TSX-V: AN |
OTCQX: AMRZF) is pleased to announce that its subsidiary
Sal de la Puna Holdings Inc. (“SdlPH”) has entered into a binding
Purchase and Sale Agreement (the “Agreement”) to acquire two mining
claims covering 505 hectares of the Pastos Grandes basin, located
in Salta province, Argentina.
William Randall, President & CEO of Arena,
stated, “This acquisition further increases our land holdings in
the well established Pastos Grandes basin. These claims lie within
the explored areas of the basin and could provide immediate
resource upside.”
A map showing the Sal de la Puna land holdings,
including the acquired claims, can be found below.
Exhibit 1
Terms of the Agreement
Pursuant to the terms of the Agreement, SdlPH’s
100% owned Argentine subsidiary, Puna Argentina S.A.U. (“PASA”),
entered into a definitive agreement to acquire 100% title over two
claim blocks (Cerrito and Hierro Indio) covering a total of 505
hectares.
The vendor, with whom PASA also signed a
separate agreement to acquire a three block claim, 2,200 hectares,
as reported previously in the Company’s press release dated October
6, 2022, is a local, arms-length privately owned company and will
not be receiving any shares of the Company as part of the
transaction.
Total consideration of USD $878,012 shall be
paid to the vendor, as follows:
-
a first installment of USD $80,341 on signing of the
Agreement;
-
a second installment of USD $189,375 on signing of the public deed
required by law to instrument the transfer of mines (the “Deed”),
which will take place within the next 20 days after the signing of
the Agreement or when the designated notary public obtains title
certificates free of debt, whichever occurs first;
-
a third installment of USD $304,148 on October 13, 2023; and
-
the fourth and last installment of USD $304,148 on October 13,
2024.
As collateral for the payments of the third and
fourth installments, PASA will grant a mortgage guarantee in favour
of the vendor on the Cerrito and Hierro Indio claims.
Execution of the Deed required by the Argentine
Federal Mining Code to complete the transfer of two claims and
closing of the transactions contemplated by the Agreement is
expected to take place on or before December 31, 2022.
Together with the execution of the Deed, PASA
will enter into an Usufruct Agreement with the vendor in which PASA
shall concede the vendor rights over any solid state borates
(ulexite, etc) contained within the acquired Cerrito and Hierro
Indio claims. The Bilateral Usufruct Agreement will be subject to
the maximum term recognized by the Argentine Federal Mining Code of
40 years, and subject to the usual conditions of mutual and
reciprocal indemnity against any damage or claim that either Party
may suffer for the operations undertaken by the other Party on
site, including obligations to undertake such operations in
compliance to any applicable legislation, labour and environmental
laws.
About Arena Minerals Inc.
Arena owns 65% of the Sal de la Puna Project
covering approximately 14,000 hectares of the Pastos Grandes basin
located in Salta, Argentina. The claims are highly prospective and
share the basin with two advanced lithium brine projects. In
addition to Sal de la Puna, the Company 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 within the Antofagasta region of Chile, and 5.8 million
shares of Astra Exploration. 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.
For more information regarding the Company, its
management, expertise, and projects, please visit
www.arenaminerals.com. An email registration allowing subscribers
to directly receive news and updates is also available on the
website.
The technical information contained in this news
release has been reviewed and approved by William Randall, P.Geo,
who is a Qualified Person as defined under NI 43-101. Mr. Randall
is a director and is the Chief Executive Officer and President of
Arena.
For more information, contact William Randall, President and
CEO, at +1-416-818-8711 or Simon Marcotte, 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
Cautionary Note Regarding Accuracy and
Forward-Looking Information
This news release may contain forward-looking
information within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements, projections and estimates relating to the
future development of any of the Company's properties, the
anticipating timing with respect to private placement financings,
the ability of the Company to complete private placement
financings, results of the exploration program, future financial or
operating performance of the Company, its subsidiaries and its
projects, the development of and the anticipated timing with
respect to the Atacama project in Chile, the Antofalla or Sal de
Puna Projects in Argentina, and the Company's ability to obtain
financing. Generally, forward-looking information can be identified
by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". The statements made herein are based on current
expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of
factors discussed in the management discussion and analysis section
of the Company's interim and most recent annual financial statement
or other reports and filings with the TSX Venture Exchange and
applicable Canadian securities regulations. Estimates underlying
the results set out in this news release arise from work conducted
by the previous owners and the Company. Forward-looking information
is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to: general business,
economic, competitive, geopolitical and social uncertainties; the
actual results of current exploration activities; other risks of
the mining industry and the risks described in the annual
information form of the Company. Although the Company has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Arena Minerals does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7b74402a-c0c5-460e-bf3e-d3dcbea66598
Arena Minerals (TSXV:AN)
Historical Stock Chart
From Nov 2024 to Dec 2024
Arena Minerals (TSXV:AN)
Historical Stock Chart
From Dec 2023 to Dec 2024