The company will sell 55 million shares for USD 5 per share, Lithium Americas said, a month after the U.S. unveiled plans to lend it USD 2.26 billion to build the project.
The project is expected to run at full capacity in 2028, aiming to eventually produce 80,000 metric tons per year. The company aims to extract lithium at Thacker Pass from a large clay deposit, something that has never been done before at commercial scale.
The loan, announced last month, is a key part of the Biden administration's effort to reduce dependence on lithium supplies from China. The mine is slated to open later this decade and be a key supplier to General Motors.
Vancouver-based Lithium Americas said it would grant the underwriters of the public offering a 30-day option to purchase up to an additional 8.3 million shares, it said in a statement.
U.S.-listed shares of Lithium Americas closed at USD 6.63 on Wednesday. Post-market, the stock fell 19%.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
