LAC Acquirers Arenalikely will take a hit today.
LITHIUM AMERICAS TO ACQUIRE ARENA MINERALS TO CONSOLIDATE THE HIGHLY PROSPECTIVE PASTOS GRANDES BASIN
Lithium Americas Corp. and Arena Minerals Inc. 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 ($311-million (Canadian)), based on the closing price on December 19, 2022, which would result in Arena Shareholders owning approximately 5.7% of Lithium Americas.