Lithium Americas Corp. successfully closed its previously announced underwritten public offering of common shares, generating aggregate gross proceeds of $376 million (US$275 million). The company issued 55,000,000 common shares at an issue price of $7.00 (US$5.00) per share.

The net proceeds from the offering will fund the construction and development of the Thacker Pass lithium project in Humboldt County, Nevada. Jonathan Evans, President and CEO, highlighted that this financing milestone, combined with a U.S. Department of Energy (DOE) loan and a second tranche investment from General Motors Holdings LLC, will fully fund the initial phase of the Thacker Pass project. This funding arrangement meets the financial prerequisites for a DOE loan under the Advanced Technology Vehicles Manufacturing Loan Program.

Evans also noted that with the completion of site preparations for major earthworks, the focus will now shift towards de-risking construction execution. This includes increasing detailed engineering efforts and progressing procurement packages. The full notice to proceed with major construction is anticipated later this year, contingent on finalizing the DOE loan and meeting other closing conditions.

The terms of the DOE loan remain subject to change until finalization, which depends on satisfying various technical, legal, environmental, and financial conditions.