Lithium Americas Corp (LAAC)

[John-Knee]

Lithium Americas Increases Strategic Interest in Arena Minerals
2021-11-25 08:15:37 AM ET (GlobeNewswire)
   
   
Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium Americas" or the "Company") announces that on November 24, 2021 the Company purchased 23,369,003 common shares (the "Arena Shares") of Arena Minerals Inc. (TSX-V: AN) ("Arena Minerals") at a price of C$0.54 per share through an alternative market transaction for aggregate consideration of approximately US$10 million (the "Purchase"). The Arena Shares represent 6.3% of the issued and outstanding common shares of Arena Minerals as of close of market on November 24, 2021.

Prior to the Purchase, Lithium Americas beneficially owned 42,857,143 common shares, representing approximately 11.6% of Arena Mineral's issued and outstanding share capital on a non-diluted basis, and 21,428,571 share purchase warrants ("Warrants"). Following the Purchase, Lithium Americas beneficially owns 66,226,146 common shares of Arena Minerals, representing approximately 18.0% of Arena Mineral's issued and outstanding common shares on a non-diluted basis, and 21,428,571 Warrants.

The additional investment in Arena Minerals further reinforces Lithium Americas' commitment to the region and the Company's long-term resource development plans in Argentina. Arena Minerals' Sal de la Puna lithium brine project, together with the immediately adjacent Pastos Grandes lithium brine project owned by Millennial Lithium Corp. ("Millennial"), provides future optionality in proximity to the Company's Cauchari-Olaroz lithium project, establishing Lithium Americas as a premier lithium brine developer in Argentina.

The Company is acquiring the securities for investment purposes. Depending on market conditions and other factors, Lithium Americas may, from time to time, acquire additional common shares, Warrants or other securities of Arena Minerals or dispose of some or all of the common shares, Warrants or other securities of Arena Minerals that it owns at such time. The Company has signed an undertaking not to exercise the Warrants until such time as the Company can obtain disinterested shareholder approval of the creation of a new control person by the shareholders of Arena Minerals, which is required once the Company passes the 20% ownership threshold. An early warning report will be filed by Lithium Americas on SEDAR at www.sedar.com in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact the Corporate Secretary of Lithium Americas at 778-656-5820 or [e-mail].

Pursuant to the subscription agreement between the Company and Arena Minerals dated July 12, 2021, the Company expects to appoint Ignacio Celorrio as its nominee to the Arena Minerals' board of directors. Mr. Celorrio currently serves as President, Latin Americas for Lithium Americas and has extensive experience working in the Argentine mining industry.

About Arena Minerals

Arena Minerals owns 65% of the Sal de la Puna Project covering approximately 11,000 hectares of the Pastos Grandes basin located in Salta, Argentina. The claims are highly prospective and share the basin with two advanced lithium brine projects. In addition to Sal de la Puna, Arena owns the Antofalla lithium brine project in Argentina, consisting of four claims covering a total of 6,000 hectares of the central portion of Salar de Antofalla, located immediately south of Albemarle Corporation's Antofalla project. Arena has developed a proprietary brine processing technology using brine type reagents derived from the Antofalla project with the objective of producing more competitive battery-grade lithium products. The head office of Arena Minerals is located at 1410 - 120 Adelaide Street West, Toronto, ON, Canada M5H 1T1.

About Lithium Americas

Lithium Americas is a development-stage company with projects in Jujuy, Argentina and Nevada, United States. The Company trades on both the Toronto Stock Exchange and on the New York Stock Exchange, under the ticker symbol "LAC". The head office of Lithium Americas is located at 300 - 900 West Hastings Street, Vancouver, BC, Canada V6C 1E5.