The deadline for the eight qualified bidders participating in the sale or investor solicitation process (SISP) for lithium project developer Nemaska Lithium has been extended from June 30 to July 10.
The Covid-19 crisis had an impact on the ability of certain qualified bidders to conduct their due diligence reviews, the company explains, adding that it believes it would be in the best interests of its stakeholders to allow a short extension to give all qualified bidders additional time to complete their due diligence reviews.
“Once the qualified bids have been received, Nemaska Lithium, in collaboration with its strategic advisers, will evaluate them to determine which ones qualify for the continuation of the process, with a view to making a recommendation to the court, it said in a statement on June 29.
Nemaska Lithium implemented a SISP as it seeks to restructure the debts which brought to a halt its efforts to build out its Whabouchi spodumene mine and Shawinigan lithium plant in Quebec.