Lithium Americas is focused on advancing lithium projects in Argentina and the United States to production
(Credit: Dominik Vanyi on Unsplash)
Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas” or the “Company”) and Arena Minerals Inc. (TSX-V:AN) (“Arena”) are pleased to announce the completion of the previously announced plan of arrangement (the “Arrangement”) whereby Lithium Americas has acquired all of the issued and outstanding common shares of Arena. Arena owns 65% of the Sal de la Puna project covering approximately 13,200 hectares of the Pastos Grandes basin located in Salta, Argentina.
“With the completion of the acquisition, we have taken a big step towards consolidating the Pastos Grandes basin,” said John Kanellitsas, Vice Chairman of Lithium Americas. “While our focus remains on near-term startup of production at Caucharí-Olaroz, the addition of Arena provides increased flexibility as we continue to advance our growth plans in Argentina.”
Pursuant to the Arrangement, Lithium Americas has acquired 100% of the issued and outstanding shares of Arena (the “Arena Shares” and each an “Arena Share”) and Arena shareholders are entitled to receive 0.0226 of a common share of Lithium Americas and $0.0001 in cash in exchange for each Arena Share held immediately prior to closing of the Arrangement. In aggregate, the Company issued approximately 8.4 million Lithium Americas common shares under the Arrangement to former Arena securityholders as consideration for their respective Arena Shares and convertible securities.
BMO Capital Markets acted as financial advisor to Lithium Americas, and Cassels Brock & Blackwell LLP acted as Lithium Americas’ legal advisor. Cormark Securities acted as financial advisor to Arena, and Stikeman Elliott LLP acted as Arena’s legal advisor. Stifel GMP acted as financial advisor to the Special Committee of Arena.
Source: Company Press Release