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Nemaska to raise C$360M to complete Whabouchi lithium project financing

Nemaska Lithium Inc. said May 22 that it intends to raise C$360 million to complete the C$1.10 billion funding package for the construction, commissioning, working capital and reserves of the Whabouchi lithium project in Quebec.

The fundraising consists of a C$280 million bought-deal offering of 280 million shares and C$80 million through a placement of 80 million shares, both at an issue price of C$1.00 each.

An overallotment option to raise up to C$42 million was granted to underwriters. The bought-deal offering is expected to close around May 30. The concurrent share placement is expected to occur on or around May 25.

In April, the miner received C$99.1 million in funding through an investment from SoftBank Group Corp. in exchange for a 9.9% stake in the company. It also entered into a US$150 million streaming agreement with Orion Mine Finance II LP, and it raised US$350 million through an offering of senior secured callable bonds to round out financing for Whabouchi.

Construction of the Whabouchi project is due for completion in the third quarter of 2020.