Nemaska Lithium Inc. (TSX: NMX) (OTCQX: NMKEF) (FRANKFURT: N0T) is pleased to confirm that Nemaska Lithium Shawinigan Transformation Inc., its wholly-owned subsidiary, has received a first payment of USD 75M from affiliates of Orion Mine Finance II LP under the streaming agreement entered into on April 12, 2018. Such payment represents the first tranche of the total advance payment equal to USD 150M to be made by Orion under the Streaming Agreement (see press release of April 12, 2018). The second USD 75M tranche will be payable upon the satisfaction of certain technical and other customary conditions that can be satisfied until December 31, 2019.
Guy Bourassa, President and CEO, commented, “We welcome this first payment and look forward to working with Orion in the coming months to bring in the second tranche payment. We are also on track with the requirements to meet the conditions precedent to the Bond offering’s “Long Stop Date” of August 30, 2018 (see press release of May 30, 2018 for full details). The project execution itself is moving forward in terms of, but not limited to, engineering and construction and we are bringing in the components of the project funding as needed.”
This first tranche payment from Orion was the main remaining conditions precedent to the Long Stop Date. The gross proceeds of the Bond Offering currently sits into a USD escrow account pending the satisfaction of the last conditions precedent on or prior the Long Stop Date.
Stormcrow Capital acted as advisor to Nemaska Lithium and facilitated the Orion streaming transaction.
About Nemaska Lithium
Nemaska Lithium is a developing chemical company whose activities will be vertically integrated, from spodumene mining to the commercialization of high-purity lithium hydroxide and lithium carbonate. These lithium salts are mainly destined for the fast-growing lithium-ion battery market, which is driven by the increasing demand for electric vehicles and energy storage worldwide. With its products and processes, Nemaska Lithium intends to facilitate access to green energy.
The Corporation will be operating the Whabouchi mine in Québec, Canada, one of the richest lithium spodumene deposits in the world, both in volume and grade. The spodumene concentrate produced at the Whabouchi mine will be processed at the Shawinigan plant using a unique membrane electrolysis process for which the Corporation holds several patents.
Canarc Resource Corp. (TSX:CCM) (OTCQB:CRCUF) (Frankfurt:CAN) ann... READ MORE
Mako Mining Corp. (TSX-V: MKO) is pleased to report further posit... READ MORE
Surge Exploration Inc. (TSX-V: SUR) (OTC: SURJF) (FRA: DJ5C... READ MORE
FIORE GOLD LTD. (TSX-V: F) (OTCQB: FIOGF) is pleased to announce ... READ MORE
Marathon Gold Corporation (TSX: MOZ) is pleased to report an addi... READ MORE