Nemaska Lithium secures funding for mine with C$400m equity raise
VANCOUVER – Canada's Nemaska Lithium said on Tuesday it had secured funding of up to C$402-million ($314-million) from investors, which it plans to use to build a mine and processing plant to produce lithium, the key ingredient for rechargeable batteries.
This brings to more than C$1.1-billion the amount of money Nemaska has raised this year for its proposed operations, as the Quebec-based company rides a wave of interest in lithium for batteries used in electric vehicles and mobile phones.
"Today marks a big day in the life of Nemaska Lithium, as we are announcing the last piece of financing required to start the commercial development of the Whabouchi lithium mine project," Nemaska Chief Executive Guy Bourassa said in a statement.
Nemaska is developing the Whabouchi hard rock lithium project in Quebec, one of North America's largest spodumene deposits.
Under the deal announced on Tuesday, Nemaska said National Bank Financial, BMO Capital Markets and Cantor Fitzgerald Canada had agreed to purchase 280-million of its shares at C$1 each in a bought deal. They have the option to increase this by C$42-million.
In addition, Nemaska has agreed to do a private placement of 80-million shares at C$1 each with an unnamed institutional investor. Nemaska's shares closed at C$1.18 on the Toronto Stock Exchange on Tuesday, down 9 Canadian cents.
In April, Nemaska said Japan's SoftBank Group Corp would invest in its shares. It has also done a stream financing and a bond offering.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
The Aluminium Federation of South Africa (AFSA), is the voice of the South African aluminium industry.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
