Nemaska Lithium Inc.

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Nemaska Lithium is a Canadian lithium company listed on the TSX under the stock symbol NMX, on the OTCXQ under the symbol NMKEF and on the Frankfurt under the symbol N0T (German only). Nemaska Lithium intends to become a lithium hydroxide supplier and lithium carbonate supplier to the emerging li...

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Nemaska Lithium Inc.

lockPrivateGroup

Nemaska Lithium is a Canadian lithium company listed on the TSX under the stock symbol NMX, on the OTCXQ under the sy......

people10 Members       (0)

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8020 Admin

16 minutes ago

8020 Admin posted a press release Important Change in Management at Nemaska Lithium in NEMASKA LITHIUM INC.




  • Departure of the President and Chief Executive Officer



  • Restructuring efforts under the CCAA are continuing


  •  Filing of the 2nd quarter financial statements


QUÉBEC, Québec, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Nemaska Lithium Inc. (“Nemaska Lithium” or the “Corporation”) today announces important change in its management and provides an update regarding the restructuring efforts undertaken since obtaining protection under the Companies’ Creditors Arrangement Act (the “CCAA”) on December 23rd, 2019.


Change in Management


The Board of Directors of Nemaska Lithium is announcing the departure of the President and CEO, Mr. Guy Bourassa, who is leaving the Corporation’s management and his seat on the Board of Directors as of today.


“On behalf of the Board of Directors, I would like to thank Mr. Bourassa for the many years he devoted to helping build Nemaska Lithium. His dedication to creating the company and his contribution to the development of this niche market in Québec will remain an undeniable legacy,” said Jacques Mallette, Chairman of the Nemaska Lithium Board of Directors. “Given the restructuring the Corporation is undergoing and the current market conditions, we mutually agreed that it was in the best interest of the Corporation to undertake the next steps with a new approach and renewed leadership. The Board will work closely with the management team and employees, in whom we reaffirm our complete confidence, in order to lead the Corporation in a direction that will ensure its success.”


The Chairman of the Board of Directors and the Corporation’s management team will oversee and ensure the continuity of the restructuring operations.


Progression of the Restructuring Process


As regards the restructuring process, which was undertaken on December 23rd, 2019 under the supervision of the Superior Court of Québec (the “Court”), Nemaska Lithium continues to collaborate closely with PricewaterhouseCoopers Inc., who is acting as the court-appointed Monitor responsible for overseeing the Corporation’s operations.


The financial advisors responsible for conducting the Sale & Investor Solicitation Process (SISP) are continuing in their efforts to incentivize purchasers or new investors, while finalizing, jointly with the Nemaska Lithium team, the economic and technical documents which will be made available to interested parties starting at the end of February.


Furthermore, the claims process is ongoing, in order to proceed as soon as possible with the review and determination of the number and quantum of claims against the Corporation and its subsidiaries, as well as their directors and officers. Pursuant to the Claims Procedure Order of the Court, persons having claims against the Corporation, its subsidiaries, and their directors and officers must file their proofs of claim at the latest on March 31, 2020, failing which these persons will be barred from asserting their claims.


For more information regarding the various proceedings under way pursuant to the CCAA, please consult the Monitor’s website at the following address: https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc.html.


Filing of the 2nd Quarter Financial Statements


Since it remains a reporting issuer under the Securities Act, Nemaska Lithium published its financial statements and management report for the second quarter of its fiscal year on SEDAR on February 14th, 2020. The documents are available on the Nemaska Lithium website.


Settlement of the Court Case with Holders of the Senior Secured Bonds


The settlement of the court case with the holders of the Senior Secured Bonds announced on January 29, 2020 was approved by these holders and the Court, respectively, on February 12 and February 13. The Corporation expects the settlement to be implemented in the week of March 9, 2020.


About Nemaska Lithium


Nemaska Lithium 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.


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 deemed necessary 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 on the CCAA procedures at https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc.html.


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 leadership transition, the CCAA application and proceedings, the aforesaid settlement with the bondholders, 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 (i) the outcome of the CCAA proceedings, (ii) the ability of the Corporation to secure additional financing and to complete the necessary preparation to allow an orderly resumption of the project, (iii) the Corporation’s ability to effect a successful leadership transition, (iv) the Corporation’s ability to generate interest, under the SISP, for a recapitalization of the Corporation or in its business or assets with the goal of maximizing return, (v) the implementation of the aforesaid settlement with the bondholders, (vi) the potential foundation of a plan of compromise or arrangement for all stakeholders of the Corporation, (vii) the number and quantum of claims to be processed and the eventual outcome thereof, (viii) the Board of Directors working with management and employees to lead the Corporation in a direction that will ensure its success, and (ix) 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. In addition, there is no assurance that the leadership transition will be successful, that the aforesaid settlement with bondholders will be implemented, 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 with 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 Tellier
Media Relations
514 348-0466
gabrielle.tellier@nemaskalithium.com

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8020 Admin

22 days ago

8020 Admin posted a press release Nemaska Lithium Progresses in its Restructuring Efforts Under the CCAA in NEMASKA LITHIUM INC.




  • The Corporation implements a sale and investor solicitation process



  • Settlement of the Court case with holders of the Senior Secured Bonds



  • Claims procedure begins in collaboration with the Monitor



MONTREAL, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Nemaska Lithium Inc. (“Nemaska Lithium” or the “Corporation”) provides today an update on its restructuring efforts under the Companies’ Creditors Arrangement Act (the “CCAA”) initiated on December 23, 2019 under the supervision of the Superior Court of Québec (the “Court”) and PricewaterhouseCoopers Inc., as monitor of the business and financial affairs of the Corporation (the “Monitor”).


Implementation of Sale and Investor Solicitation Process


The Corporation today obtained an order from the Court that approves Nemaska Lithium’s proposed sale and investor solicitation process (the “SISP”) to be conducted in consultation with the Monitor and the Corporation’s financial advisors, National Bank Financial Inc. and Clarksons Platou Securities AS. These financial advisors have significant knowledge of the Corporation’s affairs as well as relevant expertise regarding SISP procedures.


The SISP is intended to generate interest in either a recapitalization of the Corporation, or in the business or its assets, with the goal of maximizing return in respect of the Corporation’s assets and potentially creating the foundation of a plan of compromise or arrangement for all stakeholders of Nemaska Lithium.


The SISP procedures will commence on February 28, 2020 with the transmission of a “teaser” letter to potentially interested parties. The deadline for submission of non-binding letters of intent is April 17, 2020, with a target closing date of the transaction in mid-August 2020. Potential interested parties wishing to obtain more information on the SISP procedures may consult the Monitor’s website: https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc/sale-or-investor-solicitation-process--sisp-.html.


Settlement of the Court Case with Holders of the Senior Secured Bonds


The Corporation has reached an agreement in principle with the Nordic Trustee to settle its Court case with the holders of the Senior Secured Bonds issued pursuant to the bond offering announced on May 10, 2018 (the “Bonds” and the “Bondholders”). The settlement provides that the Corporation is released of its obligations towards the Bondholders and obtains the discharge of the security which secured the Bonds, in exchange for a lump sum payment of USD 30M.


The settlement, which is conditional upon its formal approval by Bondholders holding in excess of two thirds of the principal amount of the Bonds and by the Court, is a meaningful progress in the Corporation’s restructuring efforts under the CCAA. The Bondholders are set to hold a Bondholders’ meeting on February 12, 2020, to vote on the proposal. The Corporation has filed an application with the Court to seek approval of the settlement and expects that such application will be heard by the Court on February 13, 2020.


For further information regarding the Court case with the Bondholders, please consult Nemaska Lithium’s press releases dated September 17, 2019, September 25, 2019, and December 5, 2019.


Claims Procedure Begins in Collaboration with the Monitor


The Corporation today obtained an order from the Court that approves Nemaska Lithium’s proposed claims procedure in order to proceed as soon as possible with the review and determination of the number and quantum of claims against the Corporation and its subsidiaries, as well as their directors and officers. Pursuant to the Claims Procedure Order of the Court, persons having claims against the Corporation, its subsidiaries, and their directors and officers must file their proofs of claim at the latest on March 31, 2020, failing which these persons will be barred from asserting their claims.


For further information regarding the claims procedure, please consult the Monitor’s website: https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc/claims-process.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.


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 on the CCAA procedures at https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc.html.


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 aforesaid settlement, the CCAA application and 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 approval of the aforesaid settlement by Bondholders holding in excess of two thirds of the principal amount of the Bonds and by the Court, and 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 (i) the outcome of the CCAA proceedings, (ii) the approval of the aforesaid settlement by Bondholders holding in excess of two thirds of the principal amount of the Bonds and by the Court, (iii) the ability of the Corporation to secure additional financing and to complete the necessary preparation to allow an orderly resumption of the project, (iv) the Corporation’s ability to generate interest, under the SISP, for a recapitalization of the Corporation or in its business or assets with the goal of maximizing return, (v) the potential foundation of a plan of compromise or arrangement for all stakeholders of the Corporation, (vi) the number and quantum of claims to be processed and the eventual outcome thereof, and (vii) 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. In addition, there is no assurance that the aforementioned settlement will be approved by Bondholders holding in excess of two thirds of the principal amount of the Bonds and by the Court, 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 Tellier
Media Relations
514 348-0466
gabrielle.tellier@nemaskalithium.com



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8020 Admin

24 days ago

8020 Admin posted a press release Nemaska Lithium Announces Workforce Reduction in NEMASKA LITHIUM INC.


QUEBEC CITY, Jan. 27, 2020 (GLOBE NEWSWIRE) -- Nemaska Lithium Inc. (“Nemaska Lithium” or the “Corporation”) announces a further reduction, today, of its workforce in connection with the ongoing process under the Companies’ Creditors Arrangement Act (CCAA) and its work aimed at formalizing an eventual plan of arrangement acceptable to its creditors and the Court.


The 29-employee layoff is the result of a review of the essential activities that the Corporation must carry out to ensure the development of the Whabouchi project, while preserving its cash in anticipation of the examination of available alternatives, including any refinancing to allow an orderly resumption of the project. Once the downsizing is completed, little over 30 employees will remain at the Corporation’s employ.


“It is with great sadness that we must let go our colleagues. Their hard work over the years, sometimes under challenging circumstances, allowed us to advance the Whabouchi project to the maximum while awaiting the required financing to complete it. I would like to sincerely thank them for their important contribution,” said Guy Bourassa, president and chief executive officer. “This difficult decision was inevitable at this point. We are offering all the support and guidance to the employees that are leaving us, and which may help them towards their next steps. We sincerely hope to have the privilege to welcome back many of them once we are able to resume the project."


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. You can also refer to the Monitor’s website for more information on 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.


For more information, visit www.nemaskalithium.com.


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 application and proceedings, 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, notably but without limitation, 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, notably but without limitation, those related to (i) the outcome of the CCAA proceedings, (ii) the ability of the Corporation to secure additional financing and to complete the necessary preparation to allow an orderly resumption of the project, (iii) the Corporation’s capacity to develop the Whabouchi project, (iv) preserving the Corporation’s cash, (v) the Corporation pursuing alternatives to secure the financing, (vi) the eventual return of laid off employees once the project is relaunched, and (vii) 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. In addition, 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 Tellier
Media Relations
514 348-0466
gabrielle.tellier@nemaskalithium.com
Wanda Cutler
Investor Relations
416 303-6460
wanda.cutler@nemaskalithium.com


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8020 Admin

2 months ago

8020 Admin posted a press release Nemaska Lithium Files for Creditor Protection Under the Companies' Creditors Arrangement Act in NEMASKA LITHIUM INC.


MONTRÉAL, Dec. 23, 2019 (GLOBE NEWSWIRE) -- Nemaska Lithium Inc. (the “Corporation”) (TSX: NMX) (OTCQX: NMKEF) (Frankfurt: N0T) announced today that its Board of Directors has authorized the Corporation and its subsidiaries to bring an application in the Superior Court of Québec to seek protection from creditors under the Companies’ Creditors Arrangement Act (“CCAA”) to give the Corporation sufficient time to complete its re-financing efforts to allow for the completion of the construction of its Whabouchi project, which are required further to the cost re-assessment previously announced.


After careful consideration of all available alternatives following thorough consultation with its legal and financial advisors, the Board of Directors of the Corporation, following recommendation from its special committee, determined that it was in the best interests of the Corporation and all of its stakeholders to file for an application for creditor protection under the CCAA.


The initial Court order sought is expected to provide a stay of creditor claims and the exercise of contractual rights with a view to provide the necessary protection to continue the Corporation’s ongoing strategic review process under the oversight of the Board of Directors and with the advice of the Corporation’s professional advisors. In this regard, the Corporation anticipates that it may seek the approval of the Court to initiate a formal investor solicitation process to secure additional financing, sell assets, enter into a joint-venture, or a combination thereof, at a subsequent hearing before the Court. This process is intended to generate interest in either the business or the assets of the Corporation, or in a recapitalization of the Corporation, with the goal of maximizing return in respect of the Corporation's assets and creating the foundation of a plan of compromise or arrangement for all stakeholders of the Corporation.


The Corporation will provide a further update on these matters once more information is available.


Trading in the common shares of the Corporation on the Toronto Stock Exchange (“TSX”) is expected to be halted and it is anticipated that the trading thereof will continue to be halted until a review is undertaken by the TSX regarding the suitability of the Corporation for listing on the TSX.


All statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the CCAA application and proceedings, operations of the Corporation, liquidity and the ability of the Corporation 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 granting of the initial Court order by the Québec Superior Court and halt of trading on the TSX.


Forward-looking statements contained in this press release include, without limitation, those related to (i) the outcome of the initial Court order, (ii) the obtaining of the approval of the Court to initiate a formal investor solicitation process to secure additional financing, sell assets, enter into a joint venture, or a combination thereof, (iii) the ability of the Corporation to secure additional financing, (iv) halt of trading on the TSX and any review by the TSX regarding the suitability of the Corporation for listing on the TSX, and (v) the ability of the Corporation to continue preserving available cash. 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. In addition, there is no assurance 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:









Wanda Cutler
Investor Relations
416 303-6460
wanda.cutler@nemaskalithium.com
Gabrielle Tellier
Media Relations
514 348-0466
gabrielle.tellier@nemaskalithium.com 


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8020 Admin

3 months ago

8020 Admin posted a press release Nemaska Lithium Announces Court Order for Interim Distribution of Nominal Amount of USD 350M Senior Secured Bonds in NEMASKA LITHIUM INC.


QUÉBEC CITY, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Nemaska ​​Lithium Inc. (“Nemaska Lithium” or the “Corporation”) (TSX: NMX) (OTCQX: NMKEF) (Frankfurt: N0T) informs the market that the Superior Court of Québec has ordered the Corporation and the Nordic Trustee of the USD 350M nominal amount of the Senior Secured Bonds issued pursuant to the bond offering announced on May 10, 2018 (the “Bonds”), to cooperate so as to cause the escrow manager of the Bonds to distribute to Bondholders from the amounts held in the USD escrow account the USD 350M nominal amount.  The distribution to Bondholders is expected to occur within 15 business days of November 27, 2019 and shall be made in accordance with the Bond Terms and without prejudice to any right of the Bond Trustee under the Bond Terms to withhold funds from, and previously to, such distribution to cover fees, costs, expenses, indemnity or any other amount payable to the Nordic Trustee under the Bond Terms, as the case may be. In connection with the Court Order, it was also agreed to cause the principal amount of the claim under the Bond Terms that is secured on a first-ranking basis to be reduced from USD 350M to USD 100M.


The Court Order has been issued further to the Corporation’s application filed on September 16, 2019 with the Superior Court of Québec, in connection with its arrangement proceedings under the Canada Business Corporations Act, which seeks the discharge of the security which secured the Bonds. The hearing of such application is set for January 2020, in Montréal. It is the Corporation’s view that the Bonds were discharged. The Nordic Trustee considers that the Bonds were not discharged, and that the Corporation owes penalties to Bondholders.


Nothing in the Court order constitutes a ruling of the Court as to the positions raised in or by the ongoing litigation under the Bond Terms and does not constitute an admission of any parties as to the positions or issues raised or any remedy that may be ordered by the Court.


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 will be operating the Whabouchi mine in Québec, Canada, one of the richest lithium spodumene deposits in the world, both in volume and grade. The spodumene concentrate produced at the Whabouchi mine will be processed at the Shawinigan plant using a unique membrane electrolysis process for which the Corporation holds several patents.


The Corporation is a member of the S&P/TSX SmallCap Index, S&P/TSX Global Mining Index, S&P/TSX Global Base Metals Index, S&P/TSX Equal Weight Global Base Metals Index, and the MSCI Canada Small Cap Index. For more information, visit www.nemaskalithium.com.


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 timing of the distribution to Bondholders, the ongoing proceedings under the Bond Terms before the Court and any entitlement to penalties thereunder, 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 (A) outcome of Court proceedings for the discharge of the security which secured the Bonds and ongoing ancillary litigation and (B) the impact of the ongoing Court proceedings on the proposed plan of arrangement and recapitalization of Nemaska Lithium.


Forward-looking statements contained in this press release include, without limitation, those related to (i) the ability of the Corporation to obtain Court approval for the discharge of security securing the Bonds and related litigation, (ii) the ability of the Corporation to secure additional funds, (iii) the eventual conclusion of a definitive agreement with Pallinghurst and other strategic partners and closing of the proposed investment in the Corporation, and (iv) 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.


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 Court proceedings seeking the discharge of the security securing the Bonds will be successful, that the Pallinghurst investment will close or that other funding / strategic alternatives can be available, that the Corporation will meet conditions under the streaming facility and 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 assurances that the financing discussions with strategic investors will lead to a comprehensive financing package in place to successfully complete the construction and commissioning of the project. In addition, there can be no assurances as to the outcome of the litigation under the Bond Terms involving the Nordic Trustee. There can also be no assurance that the Bonds will remain listed following the distribution and what will be the trading prices.


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 most recent 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:









Victor Cantore
Investor Relations
514 831-3809
victor.cantore@nemaskalithium.com
Wanda Cutler
Investor Relations
416 303-6460
wanda.cutler@nemaskalithium.com

Gabrielle Tellier
Media Relations
514 348-0466
gabrielle.tellier@nemaskalithium.com



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Media Relations posted an update in NEMASKA LITHIUM INC.

8 months ago

Nemaska Lithium eyes fresh steps to raise capital for Quebec project
Reuters | June 12, 2019 | 12:16 pm
Battery Metals

https://www.mining.com/web/nemaska-lithium-eyes-fresh-steps-to-raise-capital-for-quebec-project/

Nemaska Lithium Inc.

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Nemaska Lithium is a Canadian lithium company listed on the TSX under the stock symbol NMX, on the OTCXQ under the symbol NMKEF and on the Frankfurt under the symbol N0T (German only). Nemaska Lithium intends to become a lithium hydroxide supplier and lithium carbonate supplier to the emerging li...

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Nemaska Lithium Inc.

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Nemaska Lithium is a Canadian lithium company listed on the TSX under the stock symbol NMX, on the OTCXQ under the sy......

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8020 Admin

16 minutes ago

8020 Admin posted a press release Important Change in Management at Nemaska Lithium in NEMASKA LITHIUM INC.




  • Departure of the President and Chief Executive Officer



  • Restructuring efforts under the CCAA are continuing


  •  Filing of the 2nd quarter financial statements


QUÉBEC, Québec, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Nemaska Lithium Inc. (“Nemaska Lithium” or the “Corporation”) today announces important change in its management and provides an update regarding the restructuring efforts undertaken since obtaining protection under the Companies’ Creditors Arrangement Act (the “CCAA”) on December 23rd, 2019.


Change in Management


The Board of Directors of Nemaska Lithium is announcing the departure of the President and CEO, Mr. Guy Bourassa, who is leaving the Corporation’s management and his seat on the Board of Directors as of today.


“On behalf of the Board of Directors, I would like to thank Mr. Bourassa for the many years he devoted to helping build Nemaska Lithium. His dedication to creating the company and his contribution to the development of this niche market in Québec will remain an undeniable legacy,” said Jacques Mallette, Chairman of the Nemaska Lithium Board of Directors. “Given the restructuring the Corporation is undergoing and the current market conditions, we mutually agreed that it was in the best interest of the Corporation to undertake the next steps with a new approach and renewed leadership. The Board will work closely with the management team and employees, in whom we reaffirm our complete confidence, in order to lead the Corporation in a direction that will ensure its success.”


The Chairman of the Board of Directors and the Corporation’s management team will oversee and ensure the continuity of the restructuring operations.


Progression of the Restructuring Process


As regards the restructuring process, which was undertaken on December 23rd, 2019 under the supervision of the Superior Court of Québec (the “Court”), Nemaska Lithium continues to collaborate closely with PricewaterhouseCoopers Inc., who is acting as the court-appointed Monitor responsible for overseeing the Corporation’s operations.


The financial advisors responsible for conducting the Sale & Investor Solicitation Process (SISP) are continuing in their efforts to incentivize purchasers or new investors, while finalizing, jointly with the Nemaska Lithium team, the economic and technical documents which will be made available to interested parties starting at the end of February.


Furthermore, the claims process is ongoing, in order to proceed as soon as possible with the review and determination of the number and quantum of claims against the Corporation and its subsidiaries, as well as their directors and officers. Pursuant to the Claims Procedure Order of the Court, persons having claims against the Corporation, its subsidiaries, and their directors and officers must file their proofs of claim at the latest on March 31, 2020, failing which these persons will be barred from asserting their claims.


For more information regarding the various proceedings under way pursuant to the CCAA, please consult the Monitor’s website at the following address: https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc.html.


Filing of the 2nd Quarter Financial Statements


Since it remains a reporting issuer under the Securities Act, Nemaska Lithium published its financial statements and management report for the second quarter of its fiscal year on SEDAR on February 14th, 2020. The documents are available on the Nemaska Lithium website.


Settlement of the Court Case with Holders of the Senior Secured Bonds


The settlement of the court case with the holders of the Senior Secured Bonds announced on January 29, 2020 was approved by these holders and the Court, respectively, on February 12 and February 13. The Corporation expects the settlement to be implemented in the week of March 9, 2020.


About Nemaska Lithium


Nemaska Lithium 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.


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 deemed necessary 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 on the CCAA procedures at https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc.html.


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 leadership transition, the CCAA application and proceedings, the aforesaid settlement with the bondholders, 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 (i) the outcome of the CCAA proceedings, (ii) the ability of the Corporation to secure additional financing and to complete the necessary preparation to allow an orderly resumption of the project, (iii) the Corporation’s ability to effect a successful leadership transition, (iv) the Corporation’s ability to generate interest, under the SISP, for a recapitalization of the Corporation or in its business or assets with the goal of maximizing return, (v) the implementation of the aforesaid settlement with the bondholders, (vi) the potential foundation of a plan of compromise or arrangement for all stakeholders of the Corporation, (vii) the number and quantum of claims to be processed and the eventual outcome thereof, (viii) the Board of Directors working with management and employees to lead the Corporation in a direction that will ensure its success, and (ix) 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. In addition, there is no assurance that the leadership transition will be successful, that the aforesaid settlement with bondholders will be implemented, 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 with 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 Tellier
Media Relations
514 348-0466
gabrielle.tellier@nemaskalithium.com

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8020 Admin

22 days ago

8020 Admin posted a press release Nemaska Lithium Progresses in its Restructuring Efforts Under the CCAA in NEMASKA LITHIUM INC.




  • The Corporation implements a sale and investor solicitation process



  • Settlement of the Court case with holders of the Senior Secured Bonds



  • Claims procedure begins in collaboration with the Monitor



MONTREAL, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Nemaska Lithium Inc. (“Nemaska Lithium” or the “Corporation”) provides today an update on its restructuring efforts under the Companies’ Creditors Arrangement Act (the “CCAA”) initiated on December 23, 2019 under the supervision of the Superior Court of Québec (the “Court”) and PricewaterhouseCoopers Inc., as monitor of the business and financial affairs of the Corporation (the “Monitor”).


Implementation of Sale and Investor Solicitation Process


The Corporation today obtained an order from the Court that approves Nemaska Lithium’s proposed sale and investor solicitation process (the “SISP”) to be conducted in consultation with the Monitor and the Corporation’s financial advisors, National Bank Financial Inc. and Clarksons Platou Securities AS. These financial advisors have significant knowledge of the Corporation’s affairs as well as relevant expertise regarding SISP procedures.


The SISP is intended to generate interest in either a recapitalization of the Corporation, or in the business or its assets, with the goal of maximizing return in respect of the Corporation’s assets and potentially creating the foundation of a plan of compromise or arrangement for all stakeholders of Nemaska Lithium.


The SISP procedures will commence on February 28, 2020 with the transmission of a “teaser” letter to potentially interested parties. The deadline for submission of non-binding letters of intent is April 17, 2020, with a target closing date of the transaction in mid-August 2020. Potential interested parties wishing to obtain more information on the SISP procedures may consult the Monitor’s website: https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc/sale-or-investor-solicitation-process--sisp-.html.


Settlement of the Court Case with Holders of the Senior Secured Bonds


The Corporation has reached an agreement in principle with the Nordic Trustee to settle its Court case with the holders of the Senior Secured Bonds issued pursuant to the bond offering announced on May 10, 2018 (the “Bonds” and the “Bondholders”). The settlement provides that the Corporation is released of its obligations towards the Bondholders and obtains the discharge of the security which secured the Bonds, in exchange for a lump sum payment of USD 30M.


The settlement, which is conditional upon its formal approval by Bondholders holding in excess of two thirds of the principal amount of the Bonds and by the Court, is a meaningful progress in the Corporation’s restructuring efforts under the CCAA. The Bondholders are set to hold a Bondholders’ meeting on February 12, 2020, to vote on the proposal. The Corporation has filed an application with the Court to seek approval of the settlement and expects that such application will be heard by the Court on February 13, 2020.


For further information regarding the Court case with the Bondholders, please consult Nemaska Lithium’s press releases dated September 17, 2019, September 25, 2019, and December 5, 2019.


Claims Procedure Begins in Collaboration with the Monitor


The Corporation today obtained an order from the Court that approves Nemaska Lithium’s proposed claims procedure in order to proceed as soon as possible with the review and determination of the number and quantum of claims against the Corporation and its subsidiaries, as well as their directors and officers. Pursuant to the Claims Procedure Order of the Court, persons having claims against the Corporation, its subsidiaries, and their directors and officers must file their proofs of claim at the latest on March 31, 2020, failing which these persons will be barred from asserting their claims.


For further information regarding the claims procedure, please consult the Monitor’s website: https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc/claims-process.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.


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 on the CCAA procedures at https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc.html.


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 aforesaid settlement, the CCAA application and 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 approval of the aforesaid settlement by Bondholders holding in excess of two thirds of the principal amount of the Bonds and by the Court, and 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 (i) the outcome of the CCAA proceedings, (ii) the approval of the aforesaid settlement by Bondholders holding in excess of two thirds of the principal amount of the Bonds and by the Court, (iii) the ability of the Corporation to secure additional financing and to complete the necessary preparation to allow an orderly resumption of the project, (iv) the Corporation’s ability to generate interest, under the SISP, for a recapitalization of the Corporation or in its business or assets with the goal of maximizing return, (v) the potential foundation of a plan of compromise or arrangement for all stakeholders of the Corporation, (vi) the number and quantum of claims to be processed and the eventual outcome thereof, and (vii) 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. In addition, there is no assurance that the aforementioned settlement will be approved by Bondholders holding in excess of two thirds of the principal amount of the Bonds and by the Court, 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 Tellier
Media Relations
514 348-0466
gabrielle.tellier@nemaskalithium.com



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8020 Admin

24 days ago

8020 Admin posted a press release Nemaska Lithium Announces Workforce Reduction in NEMASKA LITHIUM INC.


QUEBEC CITY, Jan. 27, 2020 (GLOBE NEWSWIRE) -- Nemaska Lithium Inc. (“Nemaska Lithium” or the “Corporation”) announces a further reduction, today, of its workforce in connection with the ongoing process under the Companies’ Creditors Arrangement Act (CCAA) and its work aimed at formalizing an eventual plan of arrangement acceptable to its creditors and the Court.


The 29-employee layoff is the result of a review of the essential activities that the Corporation must carry out to ensure the development of the Whabouchi project, while preserving its cash in anticipation of the examination of available alternatives, including any refinancing to allow an orderly resumption of the project. Once the downsizing is completed, little over 30 employees will remain at the Corporation’s employ.


“It is with great sadness that we must let go our colleagues. Their hard work over the years, sometimes under challenging circumstances, allowed us to advance the Whabouchi project to the maximum while awaiting the required financing to complete it. I would like to sincerely thank them for their important contribution,” said Guy Bourassa, president and chief executive officer. “This difficult decision was inevitable at this point. We are offering all the support and guidance to the employees that are leaving us, and which may help them towards their next steps. We sincerely hope to have the privilege to welcome back many of them once we are able to resume the project."


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. You can also refer to the Monitor’s website for more information on 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.


For more information, visit www.nemaskalithium.com.


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 application and proceedings, 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, notably but without limitation, 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, notably but without limitation, those related to (i) the outcome of the CCAA proceedings, (ii) the ability of the Corporation to secure additional financing and to complete the necessary preparation to allow an orderly resumption of the project, (iii) the Corporation’s capacity to develop the Whabouchi project, (iv) preserving the Corporation’s cash, (v) the Corporation pursuing alternatives to secure the financing, (vi) the eventual return of laid off employees once the project is relaunched, and (vii) 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. In addition, 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 Tellier
Media Relations
514 348-0466
gabrielle.tellier@nemaskalithium.com
Wanda Cutler
Investor Relations
416 303-6460
wanda.cutler@nemaskalithium.com


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8020 Admin

2 months ago

8020 Admin posted a press release Nemaska Lithium Files for Creditor Protection Under the Companies' Creditors Arrangement Act in NEMASKA LITHIUM INC.


MONTRÉAL, Dec. 23, 2019 (GLOBE NEWSWIRE) -- Nemaska Lithium Inc. (the “Corporation”) (TSX: NMX) (OTCQX: NMKEF) (Frankfurt: N0T) announced today that its Board of Directors has authorized the Corporation and its subsidiaries to bring an application in the Superior Court of Québec to seek protection from creditors under the Companies’ Creditors Arrangement Act (“CCAA”) to give the Corporation sufficient time to complete its re-financing efforts to allow for the completion of the construction of its Whabouchi project, which are required further to the cost re-assessment previously announced.


After careful consideration of all available alternatives following thorough consultation with its legal and financial advisors, the Board of Directors of the Corporation, following recommendation from its special committee, determined that it was in the best interests of the Corporation and all of its stakeholders to file for an application for creditor protection under the CCAA.


The initial Court order sought is expected to provide a stay of creditor claims and the exercise of contractual rights with a view to provide the necessary protection to continue the Corporation’s ongoing strategic review process under the oversight of the Board of Directors and with the advice of the Corporation’s professional advisors. In this regard, the Corporation anticipates that it may seek the approval of the Court to initiate a formal investor solicitation process to secure additional financing, sell assets, enter into a joint-venture, or a combination thereof, at a subsequent hearing before the Court. This process is intended to generate interest in either the business or the assets of the Corporation, or in a recapitalization of the Corporation, with the goal of maximizing return in respect of the Corporation's assets and creating the foundation of a plan of compromise or arrangement for all stakeholders of the Corporation.


The Corporation will provide a further update on these matters once more information is available.


Trading in the common shares of the Corporation on the Toronto Stock Exchange (“TSX”) is expected to be halted and it is anticipated that the trading thereof will continue to be halted until a review is undertaken by the TSX regarding the suitability of the Corporation for listing on the TSX.


All statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the CCAA application and proceedings, operations of the Corporation, liquidity and the ability of the Corporation 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 granting of the initial Court order by the Québec Superior Court and halt of trading on the TSX.


Forward-looking statements contained in this press release include, without limitation, those related to (i) the outcome of the initial Court order, (ii) the obtaining of the approval of the Court to initiate a formal investor solicitation process to secure additional financing, sell assets, enter into a joint venture, or a combination thereof, (iii) the ability of the Corporation to secure additional financing, (iv) halt of trading on the TSX and any review by the TSX regarding the suitability of the Corporation for listing on the TSX, and (v) the ability of the Corporation to continue preserving available cash. 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. In addition, there is no assurance 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:









Wanda Cutler
Investor Relations
416 303-6460
wanda.cutler@nemaskalithium.com
Gabrielle Tellier
Media Relations
514 348-0466
gabrielle.tellier@nemaskalithium.com 


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8020 Admin

3 months ago

8020 Admin posted a press release Nemaska Lithium Announces Court Order for Interim Distribution of Nominal Amount of USD 350M Senior Secured Bonds in NEMASKA LITHIUM INC.


QUÉBEC CITY, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Nemaska ​​Lithium Inc. (“Nemaska Lithium” or the “Corporation”) (TSX: NMX) (OTCQX: NMKEF) (Frankfurt: N0T) informs the market that the Superior Court of Québec has ordered the Corporation and the Nordic Trustee of the USD 350M nominal amount of the Senior Secured Bonds issued pursuant to the bond offering announced on May 10, 2018 (the “Bonds”), to cooperate so as to cause the escrow manager of the Bonds to distribute to Bondholders from the amounts held in the USD escrow account the USD 350M nominal amount.  The distribution to Bondholders is expected to occur within 15 business days of November 27, 2019 and shall be made in accordance with the Bond Terms and without prejudice to any right of the Bond Trustee under the Bond Terms to withhold funds from, and previously to, such distribution to cover fees, costs, expenses, indemnity or any other amount payable to the Nordic Trustee under the Bond Terms, as the case may be. In connection with the Court Order, it was also agreed to cause the principal amount of the claim under the Bond Terms that is secured on a first-ranking basis to be reduced from USD 350M to USD 100M.


The Court Order has been issued further to the Corporation’s application filed on September 16, 2019 with the Superior Court of Québec, in connection with its arrangement proceedings under the Canada Business Corporations Act, which seeks the discharge of the security which secured the Bonds. The hearing of such application is set for January 2020, in Montréal. It is the Corporation’s view that the Bonds were discharged. The Nordic Trustee considers that the Bonds were not discharged, and that the Corporation owes penalties to Bondholders.


Nothing in the Court order constitutes a ruling of the Court as to the positions raised in or by the ongoing litigation under the Bond Terms and does not constitute an admission of any parties as to the positions or issues raised or any remedy that may be ordered by the Court.


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 will be operating the Whabouchi mine in Québec, Canada, one of the richest lithium spodumene deposits in the world, both in volume and grade. The spodumene concentrate produced at the Whabouchi mine will be processed at the Shawinigan plant using a unique membrane electrolysis process for which the Corporation holds several patents.


The Corporation is a member of the S&P/TSX SmallCap Index, S&P/TSX Global Mining Index, S&P/TSX Global Base Metals Index, S&P/TSX Equal Weight Global Base Metals Index, and the MSCI Canada Small Cap Index. For more information, visit www.nemaskalithium.com.


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 timing of the distribution to Bondholders, the ongoing proceedings under the Bond Terms before the Court and any entitlement to penalties thereunder, 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 (A) outcome of Court proceedings for the discharge of the security which secured the Bonds and ongoing ancillary litigation and (B) the impact of the ongoing Court proceedings on the proposed plan of arrangement and recapitalization of Nemaska Lithium.


Forward-looking statements contained in this press release include, without limitation, those related to (i) the ability of the Corporation to obtain Court approval for the discharge of security securing the Bonds and related litigation, (ii) the ability of the Corporation to secure additional funds, (iii) the eventual conclusion of a definitive agreement with Pallinghurst and other strategic partners and closing of the proposed investment in the Corporation, and (iv) 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.


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 Court proceedings seeking the discharge of the security securing the Bonds will be successful, that the Pallinghurst investment will close or that other funding / strategic alternatives can be available, that the Corporation will meet conditions under the streaming facility and 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 assurances that the financing discussions with strategic investors will lead to a comprehensive financing package in place to successfully complete the construction and commissioning of the project. In addition, there can be no assurances as to the outcome of the litigation under the Bond Terms involving the Nordic Trustee. There can also be no assurance that the Bonds will remain listed following the distribution and what will be the trading prices.


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 most recent 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:









Victor Cantore
Investor Relations
514 831-3809
victor.cantore@nemaskalithium.com
Wanda Cutler
Investor Relations
416 303-6460
wanda.cutler@nemaskalithium.com

Gabrielle Tellier
Media Relations
514 348-0466
gabrielle.tellier@nemaskalithium.com



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Media Relations posted an update in NEMASKA LITHIUM INC.

8 months ago

Nemaska Lithium eyes fresh steps to raise capital for Quebec project
Reuters | June 12, 2019 | 12:16 pm
Battery Metals

https://www.mining.com/web/nemaska-lithium-eyes-fresh-steps-to-raise-capital-for-quebec-project/