Arena Minerals Strengthens Board of Directors and Announces the Nomination of Eduardo Morales as Executive Chairman
TORONTO, March 19, 2019 - Arena Minerals Inc. ("Arena" or the "Company") (TSX-V: AN) is pleased to announce that Mr. Eduardo Morales, who joined the Board of Directors in September 2018, has been appointed Executive Chairman of the Board of Arena Minerals, effective immediately.Mr. Morales is a chemical engineer with 40 years of experience in project engineering, construction and start-up of lithium plants who formerly built and operated one of the world's largest lithium operations. As President of Rockwood Lithium Latin America, he successfully led the development, commissioning, and operation of Rockwood's Salar de Atacama project. His tenure with Rockwood Lithium culminated with the company's sale to Albemarle Corporation for US$6.2 billion in 2014. In 2016, Mr. Morales was appointed Chief Operating Officer of Lithium X Energy Corp. and focused on advancing the Sal de los Angeles lithium brine project, located in the Salta province of Argentina, until construction stage. Lithium X was acquired in 2018 by Nextview New Energy Lion Hong Kong Limited in a $265M transaction.
Additionally, the Company is pleased to announce the nomination of Mr. Peter Damouni to its Board of Directors. Mr. Damouni has nearly 18 years of experience in investment banking and capital markets with notable expertise in natural resources. Throughout his career, Mr. Damouni has worked on, and led, equity and debt financings valued at over $5 billion. He has comprehensive experience in equity financing, restructuring, corporate valuations, and advisory assignments. Mr. Damouni has established and serves as a Director of a number of mining companies listed on the TSX, the LSE and the AIM markets. Mr. Damouni is a graduate of McGill University, Montreal, Canada. He is a Canadian and British citizen residing in the United Kingdom.
Will Randall, President and CEO of Arena Minerals, commented: "I am delighted to have Eduardo assume a leadership role in this exciting new direction for the Company. It is a great vote of confidence for us, and our unique approach to the lithium space, to have a world renown leader become Executive Chairman of the Board. I would also like to take to opportunity to welcome Peter to the Board where his unique network and expertise are sure to greatly benefit the Company."
Arena Minerals announces the promotion of Mr. Simon Marcotte to Vice-President, Corporate Development. Mr. Marcotte has more than 20 years of experience in Capital Markets having held senior positions with CIBC World Markets, Cormark Securities, Alderon Iron Ore Corp., Belo Sun Mining Corp., and Mason Graphite Inc. Mr. Marcotte will now be a reporting insider of the Company.
The Company reports that Mr. Dan Bruno will be stepping down from the Board of Directors, effective May 1st, 2019. The Company would like to sincerely thank Mr. Bruno for his help and guidance over the years.
Lastly, the Company announces that is has granted an aggregate of 750,000 stock options to various directors of the Company effective March 19, 2019. The stock options vest immediately, are exercisable at $0.06 for a period of five years and remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The stock options remain subject to a statutory hold period of four months and one day expiring on July 20, 2019.
About Arena Minerals
Arena owns three lithium brine projects in Argentina, consisting of three claims covering a total of 4,000 hectares of the central portion of Salar de Antofalla, located immediately south of Albemarle Corporation's Antofalla project, claims covering 290 hectares in Salar de Hombre Muerto, and an option over 2,000 hectares in the Pocitos Salar.
Arena also owns 80 percent of the Atacama Copper property, consisting of two projects covering approximately 7,000 hectares within the Antofagasta region of Chile. The projects are at low altitudes, within producing mining camps in infrastructure-rich areas, located in the heart of Chile's premier copper mining district.
The technical and scientific aspects of this news release have been reviewed and approved by Mr. William Randall, P.Geo, who is a qualified person pursuant to NI 43-101. As the President & CEO of the Company, Mr. Randall is not considered independent.
To view our website, please visit www.arenaminerals.com. In addition to featuring information regarding the Company, its management, and projects, the site also contains the latest corporate news and an email registration allowing subscribers to receive news and updates directly.
For more information, contact William Randall, President and CEO, at +1-416-818-8711 or Simon Marcotte, Vice-President Corporate Development, at +1-647-801-7273 or smarcotte@arenaminerals.com.
On behalf of the Board of Directors of
William Randall, President and CEO
Cautionary Note Regarding Accuracy and Forward-Looking Information:
This news release may contain forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements, projections and estimates relating to the future development of any of the Company's properties, the anticipating timing with respect to the private placement financing, the ability of the Company to complete the private placement financing, the results of the exploration program, future financial or operating performance of the Company, its subsidiaries and its projects, the development of and the anticipated timing with respect to the Atacama project, and the Company's ability to obtain financing. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The statements made herein are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Estimates underlying the results set out in this news release arise from work conducted by the previous owners and the Company. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Arena Minerals does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.