LITHIUM AMERICAS C COM NPV
LITHIUM AMERICAS C COM NPV (OTCMKTS:LACDF) impressive run in the market shows no signs of slowing down as the exploration and development company continues to benefit from a lithium boom in the auto industry. The stock was up by 12% in Thursday’s trading session, supporting a bullish run that began in August.
Thursday’s rally capped yet another solid performance as the stock continues to pick itself from multi-year lows. LITHIUM AMERICAS C COM NPV (OTCMKTS:LACDF) is now up by more than 100% for the year as it continues to trade in a strong uptrend. Renewed investor interest in the stock follows the growth in demand for Lithium.
Demand for lithium batteries in the auto industry is on the rise as companies shift focus to electric cars. Fuelling the Lithium boom are the likes of Toyota, BMW, Daimler, and Volkswagen all of which have made headlines as they move to increase electric vehicle production.
LITHIUM AMERICAS C COM NPV (OTCMKTS:LACDF) has been rising even though no sector or company news has made headlines. The last piece of information came in August when the company announced results of its annual general meeting of shareholders. During the meeting, shareholders agreed to set the size of the board of directors at nine. Shareholders also approved the appointment of PricewaterhouseCoopers as the company’s auditor.
In June, the Lithium exploration and development company announced the closure of an investment agreement with BCP Innovation Pte Ltd. Pursuant to the agreement the subsidiary of Bangchak Corporation Public Company agreed to a $113 million financing. The funds are to be used to fund construction costs for the Cauchari-Olaroz lithium project in Argentina.
Under the terms of the agreement, Lithium Americas agreed to issue 50 million common shares to Bangchak at a price of C$0.85 per share for gross proceeds of $33 million
“Together with the recent Ganfeng investment, Lithium Americas has raised US$285 million in debt and equity and is in a strong financial position to fund our remaining share of Cauchari-Olaroz’ capital costs alongside our joint venture partner, SQM, ”said CEO Tom Hodgson.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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