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    AN   CA0400451062

ARENA MINERALS INC.

(AN)
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Arena Minerals : Confirms Ganfeng Lithium Subscribes for $3.735 Million Participation in $10 Million Offering

07/29/2021 | 10:58am EST

TORONTO - Arena Minerals Inc. ('Arena' or the 'Company') (TSX-V: AN) is pleased to announce that further to its previously announced non-brokered private placement of subscription receipts at a price of $0.14 per Subscription Receipt for gross proceeds of up to $10,000,000, the Company has received written confirmation from Ganfeng Lithium Co., Ltd of its intention to exercise its equity participation right and maintain its 19.9% shareholding by subscribing to $3.735 million of Subscription Receipts in the Offering.

Ganfeng's participation is subject to obtaining Chinese regulatory approvals.

William Randall, President and Chief Executive Officer of Arena, commented: 'This funding by Ganfeng shows the continued support by one of the lithium industry's leaders. Having closed the landmark Sal de la Puna acquisition, we now have the funds to fast-track our lithium projects.'

Notwithstanding any other provision of this Subscription Agreement, the Subscriber's obligation to purchase Subscription Receipts set forth herein is subject to the Subscriber's receipt of all necessary Chinese regulatory approvals for such purchase.

Closing of the Company's share purchase agreement with Centaur Resources Pty Ltd. (the 'Release Condition') occurred on July 26, 2021, therefore the Subscription Receipts will be exchanged without payment of additional consideration for units of the Company (each a 'Unit') on closing of the second tranche of the Offering. Each Unit shall consist 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 $0.25 for a period of 24 months from the date of issuance. If the Release Condition is not met by August 15, 2021, the proceeds of the Offering will be returned to the subscribers without interest or deduction.

About Arena Minerals Inc.

Arena recently purchased the Sal de la Puna project covering approximately 11,000 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.

Contact:

William Randall

Tel: +1-416-818-8711

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, Hombre Muerto or Pocitos 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.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ARENA MINERALS INC. 1.08% 0.47 Delayed Quote.1,450.00%
GANFENG LITHIUM CO., LTD. -3.12% 152 End-of-day quote.50.20%
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Financials
Sales 2020 - - -
Net income 2020 -0,05 M -0,04 M -0,04 M
Net cash 2020 0,95 M 0,75 M 0,75 M
P/E ratio 2020 -79,8x
Yield 2020 -
Capitalization 178 M 141 M 141 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 59,4%
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Managers and Directors
William C. W. Randall President, Chief Executive Officer & Director
Paul L. Kania Chief Financial Officer
Eduardo Morales Executive Chairman
Nicolas Vazquez Independent Director
Peter Damouni Independent Director