Nemaska Lithium Inc. (TSX-V:NMX) (OTCQX:NMKEF) announces today that it has completed the first tranche of the closing of its brokered offering for a total gross proceeds of $1,250,000, by the issuance of 7,352,942 Units at a price of $0.17 per Unit by way of a Prospectus Supplement. Each Unit consist of one common share of the share capital of Nemaska and one-half of one Common Share purchase warrant. Each Warrant will entitle its holder to purchase one Common Share, at a price of $0.25 per Common Share, on the date that is 12 months following the closing date of the Offering.
The net proceeds of the Offering will allow the Corporation to (i) continue the permitting process to build and operate a mine and concentrator on the Whabouchi property, including the follow up work in relation to such permitting and (ii) fund the general administrative expenses and other working capital needs.
Nemaska has filed on November 5, 2014, a supplement prospectus modifying the prospectus supplement no. 4 filed on October 20, 2014 to modify the amount of the Offering and to confirm the terms of the Offering. A copy of the amended and restated Prospectus Supplement may be obtained from the Corporation’s corporate secretary by e-mailing at firstname.lastname@example.org or directing a request to the Corporation’s head and registered offices located at 450 rue de la Gare-du-Palais, 1st Floor, Quebec, Quebec, G1K 3X2, telephone 418 704-6038, attention: corporate secretary or it can be found electronically at www.sedar.com
In consideration for its services rendered in connection with the Offering, Secutor Capital Management Corporation received an aggregate cash commission of 100,000C$.
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/carbonate producer based in Quebec and has filed patent applications for its proprietary production methods. In tandem, Nemaska 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 hydroxide/carbonate 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. The Nemaska’s Whabouchi deposit, located in the James Bay Region in the Province of Quebec, Canada, near the Cree community of Nemaska, should have an initial mine life of 18 years.
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