Lithium Americas closes US$100 million ATM offering
Lithium Americas Corp. [LAC-TSX, NYSE] announced that it has completed the US$100 million at-the-market equity offering announced on October 20, 2020. In connection with the ATM Program, the company issued a total of 9,266,587 common shares from treasury for gross proceeds of approximately US$100 million.
Total net proceeds from the ATM Program will be used for working capital and general corporate purposes.
“We are very pleased with the outcome of the ATM Program,” said Jon Evans, President and CEO. “With over US$145 million in cash on our balance sheet, the company is in a strong position to complete construction at Cauchar├â┬¡-Olaroz and advance strategic discussions to finance Thacker Pass.”
Located in Jujuy Province, Argentina, Lithium America, 49%, and partner Ganfeng Lithium, 51%, are developing the 40,000 tonne-per year Caucharí-Olaroz lithium brine project that will produce battery-grade lithium carbonate for a 40-year mine life. Capex is $565 million.
Lithium Americas has a 100% interest in the Thacker Pass lithium project in Humboldt County, Nevada.
In November 30 trading, shares of Lithium Americas eased $0.81 to $14.64 on a volume of 1,450,600 shares traded.
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