Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium
Americas" or the "Company") announced today the pricing of
its previously announced underwritten public offering (the
“
Offering”) of 15,909,091 shares of its common
stock (the “
Common Shares”) at a price to the
public of US$22.00 per Common Share (the “
Issue
Price”) for aggregate gross proceeds to the Company of
US$350 million.
The Offering is being
conducted through a syndicate of underwriters led by Canaccord
Genuity, as lead book-running manager, Deutsche Bank Securities,
Evercore ISI and Stifel, as joint book-running managers, and
National Bank Financial and Cormark Securities, as co-managers
(collectively, the “Underwriters”).
The Company has
granted the Underwriters an option to purchase up to 2,272,727
additional Common Shares (the “Over-Allotment
Option”) at the Issue Price, exercisable, in whole or in
part, for up to 30 days after the closing of the Offering.
Closing is expected to
occur on January 22, 2021 and is subject customary closing
conditions, including approvals of the Toronto Stock Exchange and
the New York Stock Exchange.
The Offering will be
made by way of a prospectus supplement (the “Prospectus
Supplement”) to the Company’s existing Canadian base shelf
prospectus (the “Base Shelf Prospectus”) and the
Company’s United States registration statement on Form F-10 (the
“Registration Statement”). The Offering is being
made in the United States and in each of the provinces and
territories of Canada, except Québec. The Prospectus Supplement,
the Base Shelf Prospectus and the Registration Statement contain
important information about the Company and the proposed Offering.
Prospective investors should read the Prospectus Supplement, the
Base Shelf Prospectus and the Registration Statement and the other
documents the Company has filed before making an investment
decision. The final Canadian Prospectus Supplement (together with
the related Canadian Base Shelf Prospectus) will be available on
SEDAR at www.sedar.com. The final U.S. Prospectus Supplement
(together with the Registration Statement) will be available on the
United States Securities and Exchange Commission’s website at
www.sec.gov. Alternatively, the Canadian Prospectus Supplement
(together with the related Canadian Base Shelf Prospectus) and the
U.S. Prospectus Supplement (together with the Registration
Statement) may be obtained, when available, upon request by
contacting the Company or Canaccord Genuity, Attention: Syndicate
Department, 99 High Street, Suite 1200, Boston, MA 02110, by
telephone at (617) 371-3900 or by email at prospectus@cgf.com. The
net proceeds from the Offering are intended to be used to fund
development of the Thacker Pass lithium project and for general
corporate and working capital purposes, as further described in the
Prospectus Supplement.
This press release
does not constitute an offer to sell or the solicitation of an
offer to buy securities, nor will there be any sale of the
securities in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
province, state or jurisdiction. The securities being offered have
not been approved or disapproved by any regulatory authority, nor
has any such authority passed upon by the accuracy or adequacy of
the Prospectus Supplements, the Base Shelf Prospectus or the
Registration Statement.
About Lithium Americas:
Lithium Americas is a development-stage company
with projects in Jujuy, Argentina and Nevada, USA. The Company
trades on both the Toronto Stock Exchange and on the New York Stock
Exchange, under the ticker symbol “LAC”.
For further information contact:Lithium Americas
Corp.Investor RelationsSuite 300 – 900 West Hastings
StreetVancouver, BC, V6C 1E5Telephone: 778-656-5820Email:
ir@lithiumamericas.comWebsite: www.lithiumamericas.com
Forward-Looking Statements:
This news release contains “forward-looking
information” and “forward-looking statements” (which we refer to
collectively as forward-looking information) under the provisions
of applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking information.
Examples of forward-looking information in this news release
include, among other things, statements related to: pricing and
size of the Offering; completion of the Offering, including
anticipated closing date and receipt of all required regulatory
approvals; potential exercise of the Over-Allotment Option; and the
anticipated use of proceeds of the Offering.
Forward-looking information is based upon a
number of factors and assumptions that, if untrue, could cause the
actual results, performances or achievements of the Company to be
materially different from future results, performances or
achievements expressed or implied by such information. Such
information reflects the Company’s current views with respect to
future events and is necessarily based upon a number of assumptions
that, while considered reasonable by the Company today, are
inherently subject to significant uncertainties and contingencies.
These assumptions include, among others: all regulatory approvals
to the Offering will be obtained in a timely manner; all conditions
precedent to the completion of the Offering will be fulfilled in a
timely manner; that the Offering will be completed; the anticipated
use of proceeds of the Offering; expected budgets, capital
expenditures and programs for the Company’s projects; estimates of
the mineral resources and reserves at its properties; development
of mineral resources and reserves; government regulation of mining
operations and treatment under governmental and taxation regimes;
the timing and amount of future production; currency exchange and
interest rates; the Company’s ability to raise capital; exploration
of financing options and a potential joint venture partner for
Thacker Pass; the timing, cost, quantity, capacity and product
quality of production at the Thacker Pass project; results of the
Company’s engineering, design permitting program at the Thacker
Pass project, including that the Company receives permits as
anticipated; successful results from the Company’s testing facility
and third-party tests related thereto; capital costs, operating
costs, sustaining capital requirements, timing, results and
completion of the Thacker Pass feasibility study; funding of
project permitting and feasibility study costs for the Thacker Pass
project; ability to achieve capital cost efficiencies; the effect
of current or any additional regulations on the Company’s
operations; forecasted demand for lithium products, including
pricing thereof; the Company’s ability to fund, advance and develop
the Caucharí-Olaroz project and the Thacker Pass project into
production, including results therefrom and timing thereof; the
impacts of COVID-19 globally and in the jurisdictions in which we
operate, and on the availability and movement of personnel,
supplies and equipment; timing of regulatory approvals and permits,
and on third parties we are in a contractual relationship with
regarding the preparation of the feasibility study and with respect
to construction activities at the Caucharí-Olaroz project; accuracy
of mineral resources, including whether such mineral resources can
ever be converted into reserves; reliability of technical data,
accuracy of current budget and construction estimates; that pending
patents will be approved; ability to achieve commercial production;
the share price and demand for our common stock; general economic
conditions; maintenance of a positive business relationship with
co-owners; timely responses from governmental agencies responsible
for reviewing and considering the Company’s permitting activities;
the Company position in a competitive environment; and a stable and
supportive legislative, regulatory and community environment.
Forward-looking information also involve known
and unknown risks that may cause actual results to differ
materially, these risks include, among others, inherent risks in
the development of capital intensive mineral projects (including as
co-owners), variations in mineral resources and mineral reserves,
global demand for lithium, recovery rates and lithium pricing,
risks associated with successfully securing adequate financing,
changes in project parameters and funding thereof, risks related to
growth of lithium markets and pricing for products thereof, changes
in legislation, governmental or community policy, political risk
associated with foreign operations, permitting risk, including
receipt of new permits and maintenance of existing permits, title
and access risk, cost overruns, unpredictable weather and
maintenance of natural resources, unanticipated delays,
intellectual property risks, currency and interest rate
fluctuations, operational risks, health and safety risks, and
general market and industry conditions. Additional risks,
assumptions and other factors are set out in the Company’s
management discussion analysis, most recent annual information form
and annual report on Form 40-F, copies of which are available on
SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Although the Company has attempted to identify
important risks and assumptions, given the inherent uncertainties
in such forward-looking information, there may be other factors
that cause results to differ materially. Forward-looking
information is made as of the date hereof and the Company does not
intend, and expressly disclaims any obligation to, update or revise
the forward-looking information contained in this news release,
except as required by law. Accordingly, readers are cautioned not
to place undue reliance on forward-looking information.
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