Lithium Americas Completes Acquisition of Millennial Lithium
25 Januar 2022 - 5:07PM
Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium
Americas" or the "Company") and
Millennial Lithium
Corp. (“Millennial”) are pleased to announce the
completion of the previously announced plan of arrangement (the
“
Arrangement”) whereby Lithium Americas has
acquired all of the issued and outstanding shares of Millennial.
Millennial owns 100% of the Pastos Grandes lithium brine project
(“
Pastos Grandes” or “
Project”)
in Salta, Argentina.
Pursuant to the
Arrangement, Lithium Americas has acquired 100% of the issued and
outstanding shares of Millennial (“Millennial
Shares”) and Millennial shareholders are entitled to
receive 0.1261 of a common share of Lithium Americas and $0.001 in
cash in exchange for each Millennial Share held immediately prior
to closing of the Arrangement. The share ratio was calculated by
valuing the Lithium Americas shares at a price equal to the
volume-weighted average share price of Lithium Americas for the 20
trading days ending two business days prior to closing, and by
valuing the Millennial common shares at a price of C$4.70 per
share. In aggregate, the Company issued approximately 13,200,000
Lithium Americas common shares under the Arrangement to former
Millennial securityholders as consideration for their respective
Millennial Shares and convertible securities.
As a result of the
Arrangement, the Millennial Shares and warrants to purchase
Millennial Shares are anticipated to be de-listed from the TSX
Venture Exchange on or about January 26, 2022.
"With the completion
of the acquisition, we have greatly strengthened our asset base and
growth pipeline in Argentina,” said Jonathan Evans, President and
CEO of Lithium Americas. “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, approximately 100 kilometers from Caucharí-Olaroz. The
Project completed a feasibility study in 2019 based on a production
capacity of 24,000 tonnes per annum (“tpa”) of
lithium carbonate and received the environmental impact assessment
for construction and operations in 2020. Lithium Americas has
started to integrate and expand the Project team in Salta and looks
to leverage the Company’s experience and learnings from development
of Caucharí-Olaroz. Over the coming months, the Company will
provide details around the development plan, which will consider
alternatives to improve and de-risk the 24,000 tpa production plan
proposed in the 2019 feasibility study.
Greenhill & Co. Canada Ltd. acted as
financial advisor to Lithium Americas, and Cassels Brock &
Blackwell LLP acted as Lithium Americas’ legal advisor.
ABOUT LITHIUM
AMERICAS
Lithium Americas is focused on advancing lithium
projects in Argentina and the United States to production. In
Argentina, Caucharí-Olaroz is advancing towards first production
and Pastos Grandes represents regional growth. In the United
States, Thacker Pass has received its Record of Decision and is
advancing towards construction. The Company trades on both the
Toronto Stock Exchange and on the New York Stock Exchange, under
the ticker symbol “LAC”.
For further information contact:Investor
RelationsTelephone: 778-656-5820Email:
ir@lithiumamericas.comWebsite: www.lithiumamericas.com
CAUTIONARY
STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements in
this release constitute “forward-looking statements” within the
meaning of applicable United States securities legislation and
“forward-looking information” under applicable Canadian securities
legislation (collectively, “forward-looking statements”). Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company, its projects, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such statements can be identified by
the use of words such as “may”, “would”, “could”, “will”, “intend”,
“expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”,
“forecast”, “predict” and other similar terminology, or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will” be taken, occur or be achieved. These statements reflect
the Company’s current expectations regarding future events,
financial or operating performance and results, and speak only as
of the date of this release. Such statements include without
limitation, the contemplated delisting of the Millennial common
shares and warrants from the TSX Venture Exchange, the timing and
results of ongoing development at the Cauchari-Olaroz Project and
the results of the review of the development plan at the Pastos
Grandes Project, the prospective development of that project and
integration with the Cauchari-Olaroz Project.
Forward-looking
statements involve significant risks and uncertainties, should not
be read as guarantees of future performance or results and will not
necessarily be accurate indicators of whether or not such results
will be achieved. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking
statements or information, including, but not limited to, ability
of the parties to complete the Transaction, and the timing thereof;
ability to satisfy or waive all conditions to closing the
Transaction as set out in the arrangement agreement; the ability of
the consolidated entity to realize the benefits anticipated from
the Transaction and the timing to realize such benefits;
unanticipated changes in market price for the Company’s shares;
changes to Lithium Americas’ current and future business plans and
the strategic alternatives available to Lithium Americas; any
impacts of COVID-19 on the business of the consolidated entity;
stock market conditions generally; demand, supply and pricing for
lithium; and general economic and political conditions in Canada,
Argentina and other jurisdictions where Lithium Americas conducts
business. Additional information about these assumptions and risks
and uncertainties is contained in the Company’s filings with
securities regulators, including the Company’s most recent annual
information form and most recent management’s discussion and
analysis for the Company’s most recently completed financial year
and interim financial period, which are available on SEDAR at
www.sedar.com and EDGAR at www.sec.gov.
Although the
forward-looking statements contained in this release are based upon
what management of the Company believes are reasonable assumptions,
there can be no assurance that actual results will be consistent
with these forward-looking statements. These forward-looking
statements are made as of the date of this release and are
expressly qualified in their entirety by this cautionary statement.
Subject to applicable securities laws, the Company does not assume
any obligation to update or revise the forward-looking statements
contained herein to reflect events or circumstances occurring after
the date of this release.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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