Arena Minerals (AN-V) April 1st 2015 has closed its previously announced non-brokered private placement financing of units of the Company at a price of $0.10 per Unit for gross proceeds of $1,500,000. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant. Each Warrant entitles the holder to acquire one Common Share of the Company at $0.15 until April 1, 2017.
Upon closing of the Offering, Arena has 75,817,386 common shares issued and outstanding. Mr. Ross Beaty participated in the Offering and through his acquisition of 9,000,000 Units, Mr. Beaty became an insider of the Company and now holds approximately 12% of the issued and outstanding common shares of Arena on a non-diluted basis. Assuming full exercise of the Warrants, Mr. Beaty would hold approximately 16% of the Company on a partially diluted basis.
The Common Shares, Warrants and the shares underlying the Warrants will be subject to a statutory hold period expiring on August 2, 2015. Closing of the transaction remains subject to receipt of all regulatory approvals, including the final approval of the TSX Venture Exchange.
The Company intends to use the net proceeds of the Offering to continue development of its Atacama Copper project and Pampas El Peñon properties located in the Antofagasta region of northern Chile, and for general corporate purposes.
In addition, the Company announces that B2Gold Corp. has completed and confirmed its satisfaction regarding its due diligence review in connection with the binding letter agreement entered into between Area and B2Gold, pursuant to which Arena has granted B2Gold the option to acquire up to a 60% interest in the Pampa Paciencia and Cerro Barco properties. (See Press Release dated February 23, 2015 filed on the SEDAR profile of Arena.)
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 two properties under option covering approximately 153,000 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. In addition the Company has the Pampas El Peñon project, comprising a total of 3,400 hectares which is less than 1 km from Yamana's Agusta Victoria project which forms part of the El Peñon mine complex. On February 11, 2015, the Company reduced its land position with respect to the Pampas El Peñon property to 1,700 hectares of worked claims and 1,700 hectares of greenfield claims. The Pampas El Peñon and Atacama Copper Property 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
President, and CEO
(416) 309-2697
www.arenaminerals.com |
