Lithium Americas stated early on Thursday that it will increase USD 275 million to speed up building and improvement of the Thacker Move lithium mission in Nevada.
The corporate will promote 55 million shares for USD 5 per share, Lithium Americas stated, a month after the U.S. unveiled plans to lend it USD 2.26 billion to construct the mission.
The mission is predicted to run at full capability in 2028, aiming to ultimately produce 80,000 metric tons per yr. The corporate goals to extract lithium at Thacker Move from a big clay deposit, one thing that has by no means been performed earlier than at business scale.
The mortgage, introduced final month, is a key a part of the Biden administration’s effort to cut back dependence on lithium provides from China. The mine is slated to open later this decade and be a key provider to Normal Motors.
Vancouver-based Lithium Americas stated it will grant the underwriters of the general public providing a 30-day choice to buy as much as a further 8.3 million shares, it stated in a press release.
U.S.-listed shares of Lithium Americas closed at USD 6.63 on Wednesday. Publish-market, the inventory fell 19%.
