VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 30, 2017) - Ross J. Beaty, of 1550 - 625 Howe Street, Vancouver, British Columbia, V6C 2T6, announced today that on March 30, 2017 he acquired ownership of 4,500,000 common shares (the "Common Shares") in the capital of Arena Minerals Inc. ("Arena") upon the exercise of 4,500,000 common share purchase warrants (the "Warrants") of Arena at an exercise price of CDN$0.15 per Common Share for a total purchase price of CDN$675,000 (the "Acquisition"). On the same date, Mr. Beaty disposed of ownership of 4,500,000 Common Shares in the capital of Arena at a price of CDN$0.1782 per Common Share and aggregate proceeds of CDN$801,900 (the "Disposition" and together with the Acquisition, the "Transaction"). Arena is a company with an office at 805-65 Queen Street West, Toronto, Ontario, Canada M5H 2M5.
Prior to the Transaction, Mr. Beaty owned, directly or indirectly, or exercised control or direction over 9,500,000 Common Shares and 4,500,000 Warrants. Each Warrant was exercisable into one Common Share of Arena until April 1, 2017. The 9,500,000 Common Shares represented approximately 11.9% of the total number of issued and outstanding Common Shares of Arena as of April 1, 2015 (the date of the last early warning report filed by Mr. Beaty in respect of Arena). If all of the Warrants were exercised, Mr. Beaty would have owned, directly or indirectly, or exercised control or direction over, approximately 16.8% of the issued and outstanding Common Shares as of April 1, 2015 (the date of the last early warning report filed by Mr. Beaty in respect of Arena).
After completion of the Transaction, Mr. Beaty now owns, directly or indirectly, or exercises control or direction over, 9,500,000 Common Shares. The 9,500,000 Common Shares represent approximately 11.2% of the total number of issued and outstanding Common Shares of Arena resulting in a decrease by 5.6% to Mr. Beaty's holdings on a partially diluted basis from his last report after the completion of the Transaction.
Mr. Beaty's acquisition and disposition were made for investment purposes. Mr. Beaty may, in the future, acquire ownership and control over additional securities of Arena for investment purposes. The Acquisition took place pursuant to an issuance of securities from treasury and the Disposition took place on the following markets: the TSX Venture Exchange, Pure Trading, Omega, Chi-X, Nasdaq CXC, Nasdaq CX2, and the NEO Exchange.