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Nemaska Lithium (TSXV:NMX) announced the closing of a non-brokered private placement for proceeds of $400,000. Nemaska intends to use net proceeds from the private placement for general working capital and administrative expenses.
As quoted in the press release:
Each Unit consists of one common share of the Corporation (a “Common Share”) and one-half of one Common Share purchase warrant. Each whole Common Share purchase warrant entitles its holder to purchase one Common Share of the Corporation at a price of $0.28 at any time prior to 5:00 p.m. (Montreal time) on the date that is 24 months following the closing date.
Click here to read the Nemaska Lithium (TSXV:NMX) press release
Click here to see the Nemaska Lithium (TSXV:NMX) profile.
About Nemaska
“Nemaska Lithium Inc. (TSXV:NMX,OTCQX:NMKEF) is focused on both producing high-purity lithium hydroxide/carbonate and developing lithium deposit in Quebec. It has developed innovative methods of converting lithium sulfate into high purity lithium hydroxide and carbonate. It has filed patent applications for its electrolysis based proprietary process, and intends to serve the growing lithium battery market with its lower cost, higher purity lithium hydroxide.
In tandem, Nemaska is developing the world class Whabouchi lithium deposit in Quebec, which is 100 percent owned and is estimated to be one of the richest and highest grade lithium deposits in the world. A recent feasibility study suggests an initial 26 years life of mine, up from a previously estimated 18 years with a pre-tax internal rate of return of 25.2 % a $924 million net present value and a payback period of 3.7 years. Nemaska is also working diligently to ensure a small environmental footprint for the mine and a positive economic impact for the nearby Cree community of Nemaska.”
About Nemaska Lithium’s Hydromet Plant
“Located in Salaberry-de-Valleyfield, Quebec, Nemaska’s lithium hydroxide and lithium carbonate production plant will transform spodumene concentrate from spodumene lithium hard rock deposits into high purity lithium hydroxide and lithium carbonate for use on the expanding lithium battery market.
Nemaska will construct a Phase 1 demonstration plant in advance of building a larger production facility. The plant will use Nemaska’s proprietary lithium hydroxide and lithium carbonate processes, and will have an average combined capacity of about 500 tonnes per year.
Nemaska has opted for a demonstration plant in order to qualify its products with customers and sign off-take agreements before construction of the commercial plant. Other advantages this strategy provides include:
- the opportunity for initial staff training and development of skills for quick start of the commercial plant
- the opportunity for process improvements
- the opportunity to determine process parameters, capital costs, and operating costs with high precision.
The plant will use Nemaska’s proprietary electrolysis process to produce high purity lithium hydroxide and lithium carbonate. Unlike more traditional processes that use soda ash to produce lithium carbonate for the production of lithium hydroxide, Nemaska’s electrolysis based process produces lithium hydroxide directly, eliminating a greater amount of impurities. Nemaska has advanced its electrolysis process in order to nearly eliminate the use of soda ash in the creation of lithium compounds, as the volatile price of soda ash can greatly affect the price of lithium.
Furthermore, it is important to note the nature of Nemaska’s process streamlines the creation of lithium hydroxide – a safer more efficient chemical compound for the production of lithium batteries.”