Arena Minerals (AN-V) March 17, '15 arranges a financing to which Ross Beaty will subscribe.
Message 29989542
Arena Minerals announces that it intends to complete a non-brokered private placement financing of units of the Company (the "Units") at a price of $0.10 per Unit for gross proceeds of $1,500,000 (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 $0.15 for a period of 24 months from the date of issuance.
Mr. Ross Beaty and associated parties intend to purchase approximately 10,000,000 Units for gross proceeds of $1,000,000 pursuant to the terms of the Offering. Upon closing of the Offering, it is anticipated that Mr. Beaty will hold approximately 12% of the issued and outstanding shares of the Company on a non-diluted basis and will become an insider of the Company. Assuming the full exercise of the Warrants, upon closing of the transaction, Mr. Beaty will hold approximately 16% of Arena on a partially diluted basis.
The Company intends to use the net proceeds of the Offering to continue the development of its Atacama Copper property and Pampas El Peñon properties located in the Antofagasta region of northern Chile, and for general corporate purposes.
The Common Shares, Warrants and shares underlying the Warrants will be subject to a four month and one day statutory hold period. Closing of the private placement transaction remains subject to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange (the "TSXV") and the filing of all applicable documentation with the TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
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About Arena Minerals
Currently Arena Minerals has three properties under option covering approximately 165,000 hectares. All the properties are within the Antofagasta region of Chile, at low altitudes and within producing mining camps. The Company flagship asset is the Atacama Copper Property, consisting of 149,235 hectares of essentially undrilled ground in the heart of Chile's premier copper mining district. The Atacama Copper Property is adjacent to the Capricornio Property, forming part of a contiguous land package that can be worked in conjunction. In addition the Company also has the Pampas El Peñon project, comprising a total of 8,650 hectares which is less than 1 km from Yamana's Agusta Victoria project and 10 km from the El Peñon mine. On May 11, 2014, the Company reduced its land position with respect to the Pampas El Peñon property to 2,400 hectares of worked claims and 6,250 hectares of greenfield claims. The Capricornio property, comprising 7,080 hectares, hosts a district scale gold silver epithermal system virtually unexplored at depth and open on strike. The Pampas El Peñon and Capricornio properties comprise Arena Minerals highly prospective gold properties within an active mining region.
On behalf of the Board of Directors of
Arena Minerals Inc.
William Randall, President, and CEO
Arena Minerals Inc.
William Randall
(416) 309-2697 |
