Nemaska Lithium Receives First $5M Tranche From Ressources Quebec Inc. For Phase 1 Lithium Hydroxide Plant

Nemaska Lithium Inc. (TSXV:NMX,OTCQX:NMKEF) announced has received the first $5-million tranche from Ressources Quebec Inc., a subsidiary of Investissement Quebec, acting as a mandatary for the government of Quebec. The private placement with Ressources Quebec, totalling $10-million, was announced on March 11, 2016, and was held in escrow until the closing of the Johnson Matthew battery materials transaction. The remaining balance of $5-million is being held in escrow and will be released to Nemaska Lithium upon achievement of certain project milestones for the phase 1 plant.
Nemaska Lithium President and CEO, Guy Bourassa, stated:

This new cash instalment allows us to continue on schedule with the development of the phase 1 plant, with a goal of commissioning the plant by the end of this year and delivering commercial samples of battery grade lithium hydroxide to customers in 2017,” said Guy Bourassa, President and CEO of Nemaska Lithium. “The Phase 1 Plant is a crucial marketing tool which will save us time and money once we are in full commercial production. By qualifying the lithium hydroxide produced from the Phase 1 Plant, our customers will have confidence in the quality and homogeneity of our products well before the mine and commercial Hydromet plant start commercial production.

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