|
| Home : Arena Minerals Enters Into US$19.5 Million Option Agreement and $1M Private Placement |
|
Oct 24
2015 |
Arena Minerals Enters Into US$19.5 Million Option Agreement and $1M Private Placement |
|
TORONTO, ONTARIO--(Marketwired - Oct. 23, 2015) - Arena Minerals Inc. ("Arena" or the "Company") (TSX VENTURE:AN) is pleased announce that its Chilean subsidiary has signed an option/joint venture agreement with Teck Resources Chile Limitada ("Teck Chile") a Chilean subsidiary of Teck Resources Limited ("Teck"), pursuant to which Arena has granted Teck Chile options to acquire up to a 60% interest in the Solitario and Paciencia North prospects, which consist of two separate claim blocks (collectively the "Property") that comprise part of the Company's Atacama Copper property, located in Antofagasta, Chile. In order to exercise the options and acquire up to a 60% interest in the Property, Teck Chile will be required to spend an aggregate maximum of US$19.5 million in two stages over a six-year period. In addition, during the first option, Teck will be required to complete two equity financings in Arena at a premium to the market for an aggregate amount of Cdn$1.5 million (Cdn$1 million on signing and Cdn$0.5 million on or before July 26, 2016), make a one-time cash payment of US$450,000 (expected to be July 26, 2017) as well as an annual recurring payment of US$100,000. |
|
|
|
| Source:http://www.marketwired.com/mw/release.do?id=2066562&sourceType=3 |
| |
|
Related News
|
» Great Lakes Graphite Closes Financing for Micronization Plant
» Researchers Investigate if Woman Can Smell Parkinson's Disease
|
|
|
