Lithium Americas Announces Initial Closing of $650 Million Investment from General Motors
16 Fevereiro 2023 - 6:30PM
Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“
Lithium
Americas” or the “
Company”) today
announced the closing of the initial tranche, an investment of $320
million, of its previously announced $650 million investment by
General Motors Co. (NYSE: GM) (“
GM”). Proceeds
from GM’s investment are to be used to accelerate the development
of the Company’s Thacker Pass lithium project (“
Thacker
Pass”) located in Humboldt County, Nevada, the largest
known lithium resource in the United States that is fully permitted
to begin construction.
“The beginning of construction at Thacker Pass
is imminent following last week’s favorable ruling on the Record of
Decision and the closing of GM’s initial investment,” said Jonathan
Evans, President and CEO of Lithium Americas. “GM’s investment is a
landmark transaction that will help put millions of drivers into
electric vehicles while creating jobs and a strong and secure U.S.
supply chain for EV raw materials.”
GM is now Lithium Americas largest shareholder
and offtake partner. Lithium Americas continues to pursue a
commitment from the U.S. Department of Energy’s Advanced Technology
Vehicle Manufacturing Program, which will help scale lithium
production at Thacker Pass to support production of nearly one
million EVs annually.
As previously disclosed, GM is making a $650
million equity investment in the Company in two tranches. In
connection with today’s initial closing, GM has purchased 15
million common shares of the Company at a price of $21.34 per share
for gross proceeds of $320 million. The Company expects to close
the second and final tranche following the Company’s contemplated
separation of its U.S. and Argentine businesses in the second half
of 2023 and the satisfaction of certain conditions precedent to
closing. For the final $330 million investment, GM has agreed to
subscribe for shares in the U.S. business based on the then market
price on the date of subscription, subject to a cap of $27.74 per
share (adjusted for the separation).
The parties have also completed the additional
transactions contemplated to occur concurrent with the closing of
the initial tranche, including execution of the offtake agreement,
investor rights agreement and second tranche subscription
agreement, as well as issuance of the second tranche alternative
exercise warrants.
All figures presented are in U.S. Dollars.
FURTHER INFORMATION
For full details on the GM investment, refer to
the Company’s news releases dated January 31, 2023. For more
details about the separation, please refer to the Company’s news
release dated November 3, 2022. Further information is also
contained in the Company's material change report dated February 7,
2023 and the master purchase agreement dated as of January 30, 2023
previously filed on www.sedar.com and www.sec.gov.
ABOUT LITHIUM AMERICAS
Lithium Americas is focused on advancing lithium
projects in Argentina and the United States to production. In
Argentina, Caucharí-Olaroz is advancing towards first production
and Pastos Grandes represents regional growth. In the U.S., the
Company’s Thacker Pass project will soon be advancing towards
construction. 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:Investor RelationsTelephone:
778-656-5820Email: ir@lithiumamericas.comWebsite:
www.lithiumamericas.com
FORWARD-LOOKING INFORMATION
This news release contains certain
forward-looking information, including information with respect to
the ability of Lithium Americas to meet the anticipated timing and
closing conditions for the second tranche of GM’s investment, and
the ability of Lithium Americas to secure sufficient additional
financing to develop Thacker Pass. Statements that are not
historical fact are “forward-looking information” as that term is
defined in National Instrument 51-102 (“NI 51-102”) of the Canadian
Securities Administrators (collectively, “forward-looking
information”). Forward-looking information is frequently, but not
always, identified by words such as “plans”, “expects”,
“anticipates”, “believes”, “intends”, “estimates”, “potential”,
“possible” and similar expressions, or statements that events,
conditions or results “will”, “may”, “could” or “should” occur or
be achieved. In stating the forward-looking information herein,
Lithium Americas has applied certain material assumptions
including, but not limited to, the assumption that general business
conditions will not change in a materially adverse manner.
Forward-looking information involves information
about the future and is inherently uncertain, and actual results,
performance or achievements of Lithium Americas and its
subsidiaries may differ materially from any future results,
performance or achievements expressed or implied by the
forward-looking information due to a variety of risks,
uncertainties and other factors. Such risks and other factors
include, among others, risks involved uncertainties related to
raising sufficient financing in a timely manner and on acceptable
terms; risks associated with meeting the anticipated timing and
closing conditions for the second tranche of GM’s investment, and
risks associated with fluctuations in lithium and other commodity
prices and currency exchange rates; and other risks and
uncertainties disclosed in information released by Lithium Americas
and filed with the applicable regulatory agencies.
Lithium Americas’ forward-looking information is
based on the beliefs, expectations and opinions of management on
the date such information is posted, and Lithium Americas does not
assume, and expressly disclaims, any intention or obligation to
update or revise any forward-looking information whether as a
result of new information, future events or otherwise, except as
otherwise required by applicable securities legislation. For the
reasons set forth above, investors should not place undue reliance
on forward-looking information.
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