Nemaska Lithium Issues 500,000 Common Shares for the Whabouchi Property
July 16, 2014 (Source: Marketwired) — THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. WIRE NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Nemaska Lithium Inc. (“Nemaska” or the “Corporation”) (TSX VENTURE:NMX) (OTCQX:NMKEF) announces that it has issued 500,000 common shares in favour of the vendor of the Whabouchi property (the “Vendor”), pursuant to the acquisition agreement dated September 17, 2009, as amended on June 11, 2010 (the “Agreement”). This issuance represents the last payment in shares to be made pursuant to the Agreement.
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On July 2, 2014, Nemaska announced it had filed a positive Feasibility Study in connection with the construction of a mine and a concentrator on the Whabouchi Property and a hydromet plant in Salaberry-de-Valleyfield to produce lithium hydroxide and lithium carbonate of high purity. Following the filing of the Feasibility Study, Nemaska had to issue a final block of 500,000 common shares in favour of the Vendor. The Whabouchi Property is 100% owned by Nemaska and the Vendor retains a 3% NSR royalty, of which 1/3 may be bought back for an amount of $1M at any time.
The 500,000 common shares issued in favour of the Vendor are subject to a restricted period of four months and one day ending on November 16, 2014.
Nemaska intends to become a lithium hydroxide and lithium carbonate producer based in Quebec and has filed patent applications for its proprietary methods to produce these compounds. In tandem, the Corporation is developing one of the richest spodumene lithium hard rock deposit in the world, both in volume and grade. Spodumene concentrate produced at Nemaska’s Whabouchi mine and from other global sources will be shipped to the Corporation’s lithium compounds processing plant to be built in Salaberry-de-Valleyfield, Quebec, Canada. This plant will transform spodumene concentrate into high purity lithium hydroxide and lithium carbonate mainly for the growing lithium battery market.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The statements herein that are not historical facts are forward‐looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties. Actual results could differ from those currently projected. The Corporation does not assume the obligation to update any forward‐looking statement.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>