11 Jul Nemaska Lithium completes $69m financing & begins trading on TSX
Canada’s Nemaska Lithium Inc. (TSX:NMX) has announced it has completed its previously announced public offering of US$69 million and it has also listed on the Toronto Stock Exchange.
In connection with the offering, Nemaska issued a total of 60,000,100 units of the company at a price of $1.15 per unit. The offering was completed through Dundee Securities Ltd acting as lead agent.
Nemaska intends to use the net proceeds for engineering fees in relation to the Whabouchi Mine and concentrator and the Shawinigan hydromet plant, down-payments for long lead items, drilling and for general working purposes.
“We are starting the detailed engineering work of both the hydromet plant and the mine site, ordering long lead items, as well as initiating construction of the main buildings at the Whabouchi mine site,” said Guy Bourassa, president and CEO of Nemaska Lithium. “This will allow us to continue our work in enclosed facilities during the winter of 2017, which is critical to keeping us on target for production in Q2 2018 when the market for lithium compounds is projected to be very tight on the supply side.”
Nemaska has listed on the Toronto Stock Exchange under the current stock symbol “NMX” and its common shares were delisted from the TSX Venture Exchange as a result of the TSX listing.