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Lithium Americas Prices Offering of US$225 Million Convertible Senior Notes Due 2027

VANCOUVER, British Columbia, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas” or the “Company”) today announced that it has priced its previously announced offering of US$225,000,000 aggregate principal amount of convertible senior notes due 2027 (the “Notes” and the “Offering”). The Company has granted the initial purchasers an over-allotment option to purchase up to an additional US$33,750,000 aggregate principal amount of Notes, exercisable in whole or in part at any time until 30 days after the pricing of the Offering.

The Notes will be unsecured and will accrue interest payable semi-annually in arrears at a rate of 1.75% per annum on January 15 and July 15 of each year, beginning on July 15, 2022. Prior to October 15, 2026, the Notes will be convertible at the option of the holders during certain periods, upon satisfaction of certain conditions. Thereafter, the Notes will be convertible at any time until the close of business on the business day immediately preceding the maturity date. Upon conversion, the Notes may be settled, at the Company’s election, in common shares of the Company (the “Shares”), cash or a combination thereof. The initial conversion rate for the Notes will be 21.2307 Shares per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$47.10 per Share. The initial conversion price of the Notes represents a premium of approximately 35% to the last reported sale price of the Shares on the New York Stock Exchange (the “NYSE”).

The Company intends to use the net proceeds from the Offering to repay its indebtedness, including the US$205 million senior secured credit facility, and for general corporate purposes.

The Notes will mature on January 15, 2027, unless earlier repurchased, redeemed or converted. The Company may not redeem the Notes prior to December 6, 2024, except upon the occurrence of certain changes to the laws governing Canadian withholding taxes. After December 6, 2024, the Company will have the right to redeem the Notes as its option in certain circumstances. Holders of Notes will have the right to require the Company to repurchase their Notes upon the occurrence of certain events.

The Offering is expected to close on or about December 6, 2021, subject to various closing conditions, including the approval of the Toronto Stock Exchange (the “TSX”) and the NYSE. For the purposes of TSX approvals in connection with the Offering, the Company intends to rely on the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as the NYSE.

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02.12.2021, 00:50  |  114   |   |   

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Lithium Americas Prices Offering of US$225 Million Convertible Senior Notes Due 2027 VANCOUVER, British Columbia, Dec. 01, 2021 (GLOBE NEWSWIRE) - Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas” or the “Company”) today announced that it has priced its previously announced offering of US$225,000,000 aggregate …

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