Lithium Americas has announced an underwritten public offering to raise $275m, earmarked for the construction and development of the Thacker Pass lithium project in Humboldt County, Nevada.
The company is looking to sell 55 million shares at $5 each.
This public offering is being facilitated by a syndicate of underwriters, with Evercore ISI, Goldman Sachs & Co and BMO Capital Markets acting as the co-lead book-running managers.
In addition to the initial offering, Lithium Americas has granted the underwriters an option to buy up to another 8.25 million common shares at the issue price, which can be exercised within 30 days post-closing.
The closing of the offering is anticipated on 22 April 2024, subject to the satisfaction of customary closing conditions, including approval from the Toronto Stock Exchange and the New York Stock Exchange.
Last month, Lithium Americas secured a conditional commitment for a $2.26bn loan from the US Department of Energy to construct processing facilities at the Thacker Pass mine.
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By GlobalData
This loan, part of the Advanced Technology Vehicles Manufacturing Loan Programme, is intended to support the initial annual production of 40,000 tonnes (t) of battery-grade lithium carbonate.
The Thacker Pass project is expected to generate approximately 1,800 direct jobs during its three-year construction period and 360 jobs after becoming operational, over its projected 40-year lifespan.
The mine will be developed in two phases, with a total anticipated production capacity of 80,000t of battery-quality lithium carbonate per year.
The commencement of Phase 1 production is targeted by 2027, with the lithium produced expected to qualify electric vehicles for consumer incentives under the US clean energy tax credits programme.
