- Lithium Americas Corp. (LAC) has completed the previously announced acquisition of Millennial Lithium Corp.
- Millennial shareholders are entitled to receive 0.1261 of a common share of Lithium Americas and $0.001 in exchange for each Millennial share held right before the closing
- Lithium Americas issued approximately 13.2 million of its common shares to former Millennial securityholders for their respective shares and convertible securities
- Lithium Americas has started to integrate and expand the Pastos Grandes project team in Salta
- Lithium Americas Corp. (LAC) is down 3.99 per cent trading at $31.02 per share as of 12:49 p.m. EST.
Lithium Americas Corp. (LAC) has acquired all the issued and outstanding shares of Millennial Lithium Corp.
Millennial shareholders are entitled to receive 0.1261 of a common share of Lithium Americas and $0.001 in exchange for each Millennial share held right before the closing.
Lithium Americas issued approximately 13.2 million of its common shares to former Millennial security holders for their respective shares and convertible securities.
The Millennial shares and warrants are expected to be de-listed from the TSX Venture Exchange by tomorrow.
Millennial currently owns 100 per cent of the Pastos Grandes lithium brine project in Salta, Argentina.
Jonathan Evans, President and CEO of Lithium Americas, commented,
“While our near-term focus remains on bringing Caucharí-Olaroz into production, the additional resources at Pastos Grandes provides the potential to support district-scale development to meet rising demand from the industry.”
Pastos Grandes is an advanced stage lithium brine project located in the Salta Province, Argentina.
The project completed a feasibility study in 2019 based on a production capacity of 24,000 tonnes per annum of lithium carbonate.
Lithium Americas has started to integrate and expand the project team in Salta and looks to leverage its experience from the development of Caucharí-Olaroz.
Over the coming months, Lithium Americas will provide details around the development plan.
It will consider alternatives to improve and de-risk the 24,000 tonnes per annum production plan proposed in the 2019 feasibility study.
Lithium Americas Corp. (LAC) is down 3.99 per cent trading at $31.02 per share as of 12:49 p.m. EST.