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Nemaska completes C$1.1B financing package for Whabouchi development

Nemaska Lithium Inc. said May 30 that it completed a C$1.1 billion financing package for the construction and commissioning of its Whabouchi lithium mine in Quebec.

The company closed a C$280 million public offering of its shares on a bought-deal basis and an C$80 million concurrent private placement of shares with Ressources Québec Inc.

It recently raised US$350 million through an offering of senior secured callable bonds. Additionally, C$93.8 million was released from escrow in connection with a previously completed private placement with SoftBank Group Corp.

The closing of these financings, coupled with an advance payment of US$150 million from a streaming deal with Orion Mine Finance II LP, will enable the company to advance development at Whabouchi, with construction expected to be completed within 15 months. Construction of the Shawinigan plant, also in Quebec, is anticipated to complete in about two years.