Lithium americas to acquire arena minerals to consolidate the highly prospective pastos grandes basin

Vancouver, british columbia, dec. 20, 2022 (globe newswire) -- lithium americas corp. (tsx: lac) (nyse: lac) ("lithium americas" or the "company") and arena minerals inc. (tsx-v: an) (“arena”) are pleased to announce that they have entered into a definitive arrangement agreement (the “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 (each, an “arena share”) by way of a plan of arrangement (the “transaction”). pursuant to the arrangement agreement, arena's shareholders (“arena shareholders”) will receive 0.0226 (the “exchange ratio”) of a lithium americas common share (a “lac share”) for each arena share held (the "consideration"). the consideration to arena implies a total equity transaction value (on a 100% basis) of us$227 million (c$311 million), based on the closing price on december 19, 2022, which would result in arena shareholders owning approximately 5.7% of lithium americas.
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