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Lithium Americas to acquire Arena Minerals

Published by , Editorial Assistant
Global Mining Review,

Lithium Americas Corp. have announce that they have entered into a definitive arrangement agreement pursuant to which Lithium Americas has agreed to acquire all of the issued and outstanding common shares of Arena not already owned by Lithium Americas (by way of a plan of arrangement). Pursuant to the arrangement agreement, Arena’s shareholders will receive 0.0226 of a Lithium Americas common share for each Arena Share held. The consideration to Arena implies a total equity transaction value (on a 100% basis) of US$227 million, based on the closing price on 19 December 2022, which would result in Arena Shareholders owning approximately 5.7% of Lithium Americas.

Jonathan Evans, President and CEO of Lithium Americas, said:

“This transaction will consolidate the highly prospective Pastos Grandes basin, and creates an exciting opportunity for Lithium Americas, a Canadian incorporated and headquartered company, to add incremental growth in one of the most important lithium producing regions in the world.”

“The significant synergies between our two projects and a better understanding of the basin will enable us to advance development, planning and maximise our growth pipeline in Argentina. The timing of the transaction aligns with the company’s previously announced plan to separate into two public companies in 2023, with significant project development activities expected at both businesses early next year.”

Will Randall, President and CEO of Arena, said:

“We are very excited to enter into this transaction with Lithium Americas. The transaction allows Arena Shareholders to realise a meaningful and immediate premium and represents a unique opportunity to participate in the development of a larger, consolidated project as we work with the Lithium Americas team to advance the Pastos Grandes basin. In addition, this transaction offers Arena Shareholders exposure to the world-class, near-term producing Caucharí-Olaroz project and the Thacker Pass advanced development project.”

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