Arena Minerals Postpones the Release of its Annual and Q1 Financial Results and Related Disclosure Due to COVID-19 Related Delays

TORONTO, May 25, 2020 (GLOBE NEWSWIRE) -- ARENA MINERALS INC. (TSX.V:AN) (“Arena Minerals”, “Arena” or the “Company”), a junior mining company with projects in Argentina and Chile, wishes to provide an update on its financial reporting for the twelve-month audited period ended December 31, 2019 and the three-month interim period ended March 31, 2020.

Arena is relying on the exemption provided in BC Instrument 51-515 Temporary Exemption from Certain Corporate Finance Requirements (and similar exemptions provided by other Canadian securities regulators) (the “BC Instrument”) to postpone the filing of the following continuous disclosure documents (collectively the “Documents”):

• the Company’s audited annual financial statements for the twelve-month period ended December 31, 2019 and related certifications;

• the Company’s management’s discussion and analysis for the twelve-month period ended December 31, 2019;

• the Company’s interim financial statements for the three-month period ended March 31, 2020 and related certifications; and

• the Company’s interim management’s discussion and analysis for the three-month period ended March 31, 2020.

The BC Instrument provides the Company with an additional 45 days from the deadline otherwise applicable under British Columbia securities laws to make the filing. Until the Company has filed the Documents, members of the Company’s management and other insiders are subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions such that they are in a blackout period until the end of the second trading day after the Documents have been disclosed by way of a news release.

At this time, the Company expects to file the Documents within the respective 45 day extension periods.

Recent global events pertaining to COVID-19 have impacted the Company, its employees and its ability to rely on timely information in relation to its financial reporting obligations and completion of the Company’s annual audit. There have been no material business developments since the filing of the Company’s unaudited interim financial statements and related management’s discussion and analysis for the three and nine month periods ended September 30, 2019 that have not been otherwise disclosed by the Company by way of news release.