On December 20, 2022, Lithium Americas Corp., a TSX and NYSE listed Canadian lithium company with mineral projects in Argentina and Nevada, and Arena Minerals Inc., a TSXV listed company with exploration projects in Argentina and Chile, entered into a definitive arrangement agreement pursuant to which Lithium Americas has agreed to acquire all issued and outstanding common shares of Arena not already owned by Lithium Americas, for a total equity transaction value of C$311 million by way of court approved plan of arrangement.
Except for certain excluded shareholders, if any at the effective time of the arrangement, who will receive consideration in the form of cash, Arena shareholders will receive 0.0226 of a Lithium Americas common share for each Arena share held, resulting in Arena shareholders owning approximately 5.7% of Lithium Americas.
Cassels acted for Lithium Americas.