On March 21, 2023, it was announced that Lithium Energi Exploration, Inc. (LEXI) settled all amounts owing to Arena Investors, LP (Arena) from a prior debt facility, through the issuance of 30,000,000 common shares of LEXI and 8,000,000 share purchase warrants exercisable for 3 years at $0.30.
Additionally, LEXI completed an initial drawdown of $7,000,000 under a previously announced credit facility with Arena for up to $15,000,000 and issued 29,166,666 common share purchase warrants with a three-year term and an exercise price of $0.24 per common share.
After the closing of these transactions, Arena now beneficially owns or controls 30,064,500 common shares, representing 20.1% of LEXI’s issued and outstanding common shares on a non-diluted basis and 37% on a partially diluted basis. The common shares were acquired by Arena for investment purposes as part of a long-term investment plan into LEXI.
Further, the previously announced appointment of Daniel Blanks, a representative of Arena, to LEXI’s Board of Directors came into effect at the closing of the transactions.
Arena Investors, LP is a global institutional asset manager that provides creative solutions for those seeking capital in special situations, with more than 100 people across six global offices and a reach that spans 20 countries.
Arena Investors, LP was represented by members of the WeirFoulds LLP Securities Practice Group, with a team that was led by Wayne Egan (Co-Managing Partner) and Conor Dooley (Partner), and included Dara Azari (Associate), James Kosa (Partner, Technology & Intellectual Property) and Lisa Danay Wallace (Partner, Technology & Intellectual Property).
WeirFoulds is pleased to have assisted Arena Investors, LP in the closing of these transactions.
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