Source: Nemaska Lithum
Nemaska Lithium Inc. ("Nemaska" or the "Corporation") (TSX:NMX) (OTCQX:NMKEF) is
pleased to announce that it has completed its previously announced
public offering (the "Offering"), for aggregate gross proceeds of
$69,000,115.
In connection with the Offering, the Corporation issued a
total of 60,000,100 units of the Corporation, which included the
exercise of the over-allotment option in full, at a price of $1.15 per
unit (the "Offering Price"). The Offering was completed through Dundee
Securities Ltd. acting as lead agent, and including Cormark Securities
Inc., CIBC World Markets Inc., GMP Securities L.P., Desjardins
Securities Inc., Echelon Wealth Partners Inc. and Jett Capital Advisors,
LLC (collectively, the "Agents").
The Corporation intends to use the net proceeds of the
Offering for engineering fees in relation to the Whabouchi Mine and
concentrator and the Shawinigan hydromet plant, down-payments for long
lead items, drilling and for general working capital purposes.
"This financing strengthens Nemaska Lithium from a project
execution standpoint, as we can now progress the commercial mine and
hydromet plant projects in a significant way," commented Guy Bourassa,
President and CEO of Nemaska Lithium. "We are starting the detailed
engineering work of both the hydromet plant and the mine site, ordering
long lead items, as well as initiating construction of the main
buildings at the Whabouchi mine site. This will allow us to continue our
work in enclosed facilities during the winter of 2017, which is
critical to keeping us on target for production in Q2 2018 when the
market for lithium compounds is projected to be very tight on the supply
side." Bourassa continued "With close to 90% of this offering going to
over 30 institutional investors we have significantly broadened our
shareholder base and increased our presence with international
investors."
The Corporation is also pleased to announce its graduation to
the Toronto Stock Exchange (the "TSX") today pursuant to which all the
common shares of the Corporation including the common shares issued
pursuant to the Offering as well as the warrants issued pursuant to the
Offering commenced trading on the TSX under the current stock symbol
"NMX" for the common shares of the Corporation and "NMX.WT" for the
warrants. As a result of the graduation to the TSX, the Corporation's
common shares were delisted from the TSX Venture Exchange.
About Nemaska
Nemaska intends to become a lithium hydroxide and lithium
carbonate supplier to the emerging lithium battery market. The
Corporation is developing in Québec one of the most important spodumene
lithium hard rock deposits in the world, both in terms of volume and
grade. The spodumene concentrate produced at Nemaska's Whabouchi mine
will be shipped to the Corporation's lithium compounds processing plant
to be built in Shawinigan, Québec. This plant will transform the
spodumene concentrate into high purity lithium hydroxide and carbonate
using the proprietary methods developed by the Corporation, and for
which patent applications have been filed.
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