Lithium Americas Corp (LAAC)

[Raffis]

Ganfeng and Lithium America’s Co. work together in a 100% joint venture named “MINERA EXAR,” which is all LAC, for the LAC PROJECTS IN ARGENTINA AND NEVADA. The joint venture is: (NYSE: LAC) (“Lithium Americas” or the “Company”) is pleased to announce that it has completed the previously announced transaction with Ganfeng Lithium Co., Ltd. (together with its subsidiaries, “Ganfeng Lithium”) in respect of their joint venture company, Minera Exar S.A. (“Minera Exar”) (the “Transaction”). Minera Exar owns 100% of the Caucharí-Olaroz lithium project (“Caucharí-Olaroz”) currently under development in Jujuy, Argentina.
“On closing, Ganfeng Lithium subscribed for new shares of Minera Exar for cash consideration of US$16 million increasing its interest from 50% to 51%, with Lithium Americas owning the remaining 49%. In addition, Lithium Americas received US$40 million in cash from the proceeds of a non-interest-bearing loan from Ganfeng Lithium. For more details on the Transaction, please refer to the Company’s press release dated February 7, 2020.”
https://www.globenewswire.com/news-release/2020/08/27/2085160/0/en/Lithium-Americas-and-Ganfeng-Lithium-Complete-the-Cauchar%C3%AD-Olaroz-JV-Transaction.html