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Quebec Lithium Company Announces $459 Million Funding, Stock Jumps

Kitco News

Nemaska Lithium (TSE:NMX) said The Pallinghurst Group will help finance its Whabouchi project, a lithium project located in the Eeyou Istchee James-Bay territory, and an electrochemical plant in Shawinigan.

Nemaska stock was up 36% to 30 cents a share; its 52-week range is 22 cents to 94 cents.

Financing is subject to a 3-month due diligence period.

Financing contemplated is a C$200 million private placement at 25 cents per share and a stand-by purchase agreement to fully guarantee the successful completion of a rights offering of up to C$400 million at the same issue price.

A feasibility study for Whabouchi was completed. Nemaska said the operation would be a combined open pit and underground lithium mine plan with a mine life of 33 years.

Pallinghurst is a global metals and mining industry investor.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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