Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium
Americas" or the "Company") announced today the closing of
its previously announced underwritten public offering (the
“
Offering”) of shares of its common stock (the
“
Common Shares”). The Company issued 18,181,818
Common Shares, including 2,272,727 Common Shares following the
exercise in full by the underwriters of their over-allotment
option. The shares were issued at a price of US$22.00 per Common
Share for gross proceeds to the Company of approximately US$400
million.
Canaccord Genuity
acted as lead book-running manager for the Offering, Deutsche Bank
Securities, Evercore ISI and Stifel acted as joint book-running
managers and National Bank Financial and Cormark Securities acted
as co-managers.
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
described below.
The Offering was 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 was 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 Offering. The final Canadian
Prospectus Supplement (together with the related Canadian Base
Shelf Prospectus) is available on SEDAR at www.sedar.com. The final
U.S. Prospectus Supplement (together with the Registration
Statement) is available on EDGAR 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 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.
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.
The Company is relying
on an exemption under Section 602.1 of the TSX Company Manual for
the pricing of the Offering, pursuant to which the Company is
following the rules of the New York Stock Exchange.
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 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: 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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