Arena Minerals (AN-V) Closes Increased PP for $1.35 Million
Nov 3rd 2015 - NR
Arena Minerals has closed its previously announced non-brokered private placement financing of common shares of the Company at a price of $0.27 per share for gross proceeds of $1,135,000. The size of the private placement was increased to allow Mr. Ross Beaty to maintain his pro-rata ownership in the Company. The only two subscribers of this Offering are Teck Resources (TCK.B-T) and Mr. Beaty.
Upon closing of the financing, Arena has 80,021,089 common shares issued and outstanding. As a result Teck owns approximately 4.6% of the Company and Mr. Beaty maintains approximately 12% of the issued and outstanding common shares of Arena on a non-diluted basis.
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.
The Common Shares will be subject to a statutory hold period expiring on March 3, 2016. Closing of the transaction remains subject to receipt of all regulatory approvals, including the final approval of the TSX Venture Exchange. Mr. Beaty’s participation in this private placement constitutes a related party transaction under applicable securities laws because he is a related party of Arena based on his prior shareholdings. It was not practical for Arena to file a material change report 21 days before the closing date of the financing as Mr. Beaty’s participation was finalized two business days before the closing date. A material change report will be filed in the coming days; please see the report for the required related party transaction information.
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.
About Arena Minerals
Arena Minerals is a prospect generator that has two properties under option covering approximately 95,400 hectares within the Antofagasta region of Chile. The properties are at low altitudes, within producing mining camps in infrastructure rich areas. The Company’s flagship asset is the Atacama Copper Property, consisting of 92,000 hectares, following a contractual land reduction on July 27, 2015, of essentially undrilled ground in the heart of Chile's premier copper mining district. Currently, approximately 85% of the Atacama Copper Property is under option to third parties. Pursuant to option agreements entered into between Arena and the parties B2Gold Corp, Japan Oil, Gas and Minerals National Corporation and Teck Resources Chile Limitada, each have the right to earn into 60% of the respective land holdings within the property, by collectively spending over $60 million in exploration expenditures, amongst certain other commitments. 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. The Pampas El Peñon and Atacama Copper properties comprise Arena Minerals highly prospective copper and gold properties within an active mining region.
For more information, contact William Randall at (416) 309-2697. To view the website, please visit www.arenaminerals.com. In addition to featuring information regarding the Company, its managements and projects, the website also contains the latest corporate news and an email registration allowing subscribers to receive news and updates directly.
On behalf of the Board of Directors of
Arena Minerals Inc.
William Randall
President, and CEO
Arena Minerals Inc.
65 Queen Street West.
TORONTO, ON M5H 2M5
Email: wrandall@arenaminerals.com |
