Arena Minerals Inc. announced a non-brokered private placement of 71,428,571 subscription receipts at a price of CAD 0.14 per subscription receipt for gross proceeds of up to CAD 9,999,999.94 led by new investor Lithium Americas Corp. on July 12, 2021. The company has entered into a subscription agreement with Lithium Americas Corp. for 42,857,143 subscription receipts for gross proceeds of CAD 6,000,000.02. The transaction will include participation from returning investor Ganfeng Lithium Co., Ltd. The Subscription Receipts will be exchanged without payment of additional consideration for units. Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share at CAD 0.25 for a period of 24 months from the date of issuance. Pursuant to the agreement, Lithium Americas Corp. has the right (i) to participate in future financings to maintain its pro rata ownership interest in the company and (ii) to appoint a nominee to the company's board of directors. These rights are conditioned on Lithium Americas Corp. maintaining an ownership interest in the company of 7.5% and 10.0%, respectively. Upon closing, Lithium Americas Corp. will own approximately 12.9% (14.6% on a fully diluted basis) of the issued and outstanding shares of the company.