Albemarle invests C$109m in Patriot Battery Metals lithium Americas NorthAmerica Canada SupplyChain EVs
Vancouver-based hardrock lithium explorer Patriot Battery Metals on Tuesday announced a strategic investment of C$109-million by US lithium major Albemarle.
Albemarle will subscribe for 7.13-million shares at C$15.29 a share, for a 4.9% shareholding in the company, which is advancing the Corvette project, in Quebec. Patriot will use the proceeds from the strategic investment to accelerate development of the Corvette project. “We could not be more pleased to have welcomed Albemarle to invest in Patriot. I believe both Patriot and Albemarle can be a big part of building out the required front-end to the lithium chemicals supply chain in North America and Europe over the coming years.
At the closing of the strategic investment, Patriot will enter into a nonbinding memorandum of understanding with Albemarle to assess partnership opportunities to study the viability of a downstream lithium hydroxide plant integrated with the property and located in Canada or the US, including options in Quebec.
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