Nemaska Lithium Inc. (TSX-V:NMX) (OTCQX:NMKEF) announces today that it has completed the second and last tranche of its offering pursuant to its Prospectus Supplement no. 5 dated January 30, 2015 by the issuance of 5,000,000 units at a price of $0.20 per Unit, for a total gross proceeds of $1,000,000, finalizing a $2,000,000 offering, the first tranche of which was closed last February 4, 2015.
Each Unit consists of one common share of the Corporation and one-half of one Common Share purchase warrant. Each whole Common Share purchase warrant entitles its holder to purchase one Common Share at a price of $0.28 at any time prior to 5:00 p.m. (Montreal time) on the date that is 24 months following the closing date.
The Corporation intends to use the net proceeds of the offering and other available funds for general working capital and administrative expenses as well as for Phase 1 plant detailed engineering.
In connection with the second tranche of the offering, the Corporation paid an aggregate cash commission of $50,000 as finder’s fees.
The securities have not been registered under the United States Securities Act of 1933 (the “Act”) or any state securities laws and may not be offered or sold absent registration under the Act and applicable state securities laws or an applicable exemption from the registration requirements thereof. This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an exemption there from.
Nemaska intends to become a lithium hydroxide and lithium carbonate producer based in Quebec and has filed patent applications for its proprietary methods to produce these compounds. In tandem, the Corporation is developing one of the richest spodumene lithium hard rock deposit in the world, both in volume and grade. Spodumene concentrate produced at Nemaska’s Whabouchi mine and from other global sources will be shipped to the Corporation’s lithium compounds processing plant to be built in Salaberry-de-Valleyfield, Quebec. This plant will transform spodumene concentrate into high purity lithium hydroxide and lithium carbonate mainly for the growing lithium battery market.
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