Nemaska Lithium Sells Its 15,849,455 Common Shares of Monarques
May 15 2020 - 05:30AM
GlobeNewswire Inc.
With the approval of the Superior Court of Québec, Nemaska Lithium
Inc. (the “Corporation“) proceeded yesterday with the sale of all
its 15,849,455 common shares of Monarch Gold Corporation
(“Monarques”). The shares were sold at an average price of $0.225,
for a total amount of approximately $3.5 million. These shares
were not subject to any security and their sale has enabled the
Corporation to generate additional liquidity for the ongoing
restructuring process under the Companies’ Creditors Arrangement
Act (CCAA).
More information regarding the Corporation’s
situation, decisions or actions will continue to be provided on an
ongoing basis, as required by applicable law or as may be
determined by the Corporation or the Court. For more information,
visit www.nemaskalithium.com. You can also refer to the Monitor’s
website for more information regarding the CCAA procedures at
https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc.html.
About Nemaska Lithium
Nemaska Lithium Inc. is a developing chemical
company whose activities will be vertically integrated, from
spodumene mining to the commercialization of high-purity lithium
hydroxide. These lithium salts are mainly destined for the
fast-growing lithium-ion battery market, which is driven by the
increasing demand for electric vehicles and energy storage
worldwide. With its products and processes, the Corporation intends
to facilitate access to green energy, for the benefit of
humanity.
The Corporation intends to operate the Whabouchi
mine in Québec, Canada, one of the richest lithium spodumene
deposits in the world, both in volume and grade, and the spodumene
concentrate to be produced thereat will thereafter be processed at
the Shawinigan plant using a unique membrane electrolysis process
for which the Corporation holds several patents.
Cautionary Statement on Forward-Looking
Information
All statements, other than statements of
historical fact, contained in this press release including, but not
limited to, those relating to the CCAA proceedings and the
Corporation’s activities and its ability to meet its obligations,
constitute “forward-looking information” and “forward-looking
statements” within the meaning of certain securities laws and are
based on expectations and projections as of the date of this press
release. Certain important assumptions by the Corporation in making
forward-looking statements include, but are not limited to, the
achievement of a Court-approved arrangement under the CCAA to allow
the resumption of the project construction and engineering
activities.
Forward-looking statements contained in this
press release include, without limitation, those related to,
generally, the above “About Nemaska Lithium” paragraph which
essentially describes the Corporation’s outlook. Forward-looking
statements are based on expectations, estimates and projections as
of the time of this press release. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by the Corporation as of the time of
such statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. These
estimates and assumptions may prove to be incorrect. There is no
assurance that the Corporation will emerge from the CCAA process by
completing a project refinancing, and that there will be any
residual value for shareholders under the CCAA process.
Many of these uncertainties and contingencies
can directly or indirectly affect, and could cause, actual results
to differ materially from those expressed or implied in any
forward-looking statements. There can be no assurance that the
Whabouchi mine and/or the electrochemical plant in Shawinigan will
be commissioned and will begin production, as future events could
differ materially what is currently anticipated by the Corporation.
In addition, there can be no assurance that the CCAA proceedings
will result in the maximization of the return in respect of the
Corporation’s assets and those of its subsidiaries.
By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections
and other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. Forward-looking
statements are provided for the purpose of providing information
about management’s expectations and plans relating to the future.
Readers are cautioned not to place undue reliance on these
forward-looking statements as a number of important risk factors
and future events could cause the actual outcomes to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates, assumptions and intentions expressed in
such forward-looking statements. All of the forward-looking
statements made in this press release are qualified by these
cautionary statements and those made in our other filings with the
securities regulators of Canada including, but not limited to, the
cautionary statements made in the “Risk Factors” section of the
Corporation’s Annual Information Form dated September 30, 2019, and
the “Risk Exposure and Management” section of the Corporation’s
quarterly Management Discussion & Analysis. The Corporation
cautions that the foregoing list of factors that may affect future
results is not exhaustive, and new, unforeseeable risks may arise
from time to time. The Corporation disclaims any intention or
obligation to update or revise any forward-looking statements or to
explain any material difference between subsequent actual events
and such forward-looking statements, except to the extent required
by applicable law.
Further information regarding Nemaska Lithium is
available in the SEDAR database (www.sedar.com) and on the
Corporation’s website at: www.nemaskalithium.com.
FOR FURTHER INFORMATION, PLEASE CONTACT:Gabrielle
TellierMedia
Relations514 348-0466gabrielle.tellier@nemaskalithium.com |
Nemaska Lithium (TSX:NMX)
Historical Stock Chart
From Dec 2020 to Jan 2021
Nemaska Lithium (TSX:NMX)
Historical Stock Chart
From Jan 2020 to Jan 2021