Lithium Americas to raise USD 275 mn for Thacker Pass mine – ET Auto

baua


Vancouver-based Lithium Americas said it would grant the underwriters of the public offering a 30-day option to purchase up to an additional 8.3 million shares, it said in a statement.

Lithium Americas said early on Thursday that it would raise USD 275 million to accelerate construction and development of the Thacker Pass lithium project in Nevada.

The company will sell 55 million shares for USD 5 per share, Lithium Americas said, a month after the U.S. unveiled plans to lend it USD 2.26 billion to build the project.

The project is expected to run at full capacity in 2028, aiming to eventually produce 80,000 metric tons per year. The company aims to extract lithium at Thacker Pass from a large clay deposit, something that has never been done before at commercial scale.

The loan, announced last month, is a key part of the Biden administration’s effort to reduce dependence on lithium supplies from China. The mine is slated to open later this decade and be a key supplier to General Motors.

Vancouver-based Lithium Americas said it would grant the underwriters of the public offering a 30-day option to purchase up to an additional 8.3 million shares, it said in a statement.

U.S.-listed shares of Lithium Americas closed at USD 6.63 on Wednesday. Post-market, the stock fell 19%.

  • Published On Apr 18, 2024 at 04:33 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETAuto App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App


Maruti Suzuki India’s (MSIL’s) latest offering – the fourth-generation Swift hatchback – which was launched on May…

It’s the third week of May 2024 and both India Passenger Vehicle Inc and Two-Wheeler…

Photo: China Southern Power Grid Energy Storage China’s first major sodium-ion battery energy storage station…