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Mining Stocks in Play - Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) Sinks on Financing News


April 18, 2024 ( Newswire) ( Mining Stock in Play - Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) , a Canadian-based lithium resource company that owns 100% of the Thacker Pass project located in Humboldt County in northern Nevada, has nose- dived in today's trading session following financing news priced at a significant discount to market. Investors have sold off the stock and its currently trading down at $6.67 down $2.49 or 27.18% on the TSX and $4.8450, falling $1.7850 or 26.9231% on the NYSE.

Lithium Americas announced the pricing of its previously announced underwritten public offering of 55,000,000 of its common shares at a price to the public of $5.00 per Common Share for aggregate gross proceeds to the Company of $275,000,000.

The Offering is being conducted through a syndicate of underwriters led by Evercore ISI, Goldman Sachs & Co. LLC and BMO Capital Markets (together, the "Lead Underwriters"), as the co-lead book-running managers, J.P. Morgan as joint book-running manager, and Canaccord Genuity, Cormark Securities Inc., Scotiabank, Stifel Canada, Eight Capital and Tuohy Brothers as co-managers (together with the Lead Underwriters, collectively, the "Underwriters").

The Company has granted the Underwriters an option to purchase up to 8,250,000 additional Common Shares (the "Over-Allotment Option") at the Issue Price, exercisable, in whole or in part, for up to 30 days after the closing of the Offering.

The Company intends to use the net proceeds of the Offering for advancing the construction and development of its Thacker Pass lithium project in Humboldt County, Nevada ("Thacker Pass"), as further described in the Prospectus Supplements.

Read the company's full news and disclaimer here:

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