Lithium Americas Appoints Two Independent Directors
June 8, 2017
Lithium Americas Appoints Two Independent Directors
Vancouver, Canada: Lithium Americas Corp. ("Lithium Americas" or the
"Company") (TSX: LAC) (OTCQX: LACDF) is pleased to announce the appointment
of Wang Xiaoshen and Jonathan Evans as independent directors.
“We are very pleased to welcome Xiaoshen and Jon to Lithium Americas, and believe
that they will add considerable value as the Company transitions into a producing
specialty chemical company with a global mandate. Xiaoshen and Jon bring a wealth of
knowledge and lithium industry experience, ” commented George Ireland, Chairman of
the Board of Lithium Americas.
Mr. Wang was appointed to the Board of Lithium Americas as the nominee of Jiangxi
Ganfeng Lithium Co. Ltd. (“Ganfeng Lithium”), which has a board nomination right
pursuant the strategic financing with the Company that closed yesterday.
Mr. Wang is currently Vice Chairman and Executive Vice President of Ganfeng Lithium.
Mr. Wang has a strong understanding of the lithium industry and market through his
experience in sales and marketing of lithium products in China and around the world.
Mr. Wang graduated from the North China University of Technology in Beijing in 1990
and holds executive MBA from the China Europe International Business School in 2002.
Mr. Evans has more than 20 years of operations and general management experience
across businesses of various sizes and industry applications. Previously, he served as
Vice President and GM for the Lithium Division at FMC Corporation. Mr. Evans is
currently the Chief Operating Officer of DiversiTech Corporation, a US$350 million
revenue portfolio company of the private equity group, Permira. Mr. Evans has also
held executive management roles at Arysta LifeScience, AMRI Corporation and General
Electric. He holds a bachelor of science degree in mechanical engineering from
Clarkson University and an MBA from Rensselaer Polytechnic Institute.
Coincident with the addition of the two new directors, Lenard Boggio and Nicole
Adshead-Bell have voluntarily stepped down as directors of the Company. Mr. Ireland
further commented: “On behalf of the Board of Lithium Americas, we wish to thank Len
and Nikki for their very significant contributions to the Company over the past year.”
Ganfeng Investment in Lithium Americas
As further described in the press release dated June 7, 2017, Lithium Americas and
Ganfeng Lithium have completed the closing of the Investment Agreement between the
parties, which included the issue and sale of 63,750,000 common shares at a price of
C$0.85 per common share for gross proceeds of approximately C$54 million (US$40
million). When combined with the 11,250,000 common shares issued at the same price
on January 27, 2017 pursuant to an initial equity instalment under the Investment
Agreement, Ganfeng Lithium now holds 75,000,000 common shares of the Company
representing approximately 19.7% of the issued and outstanding common shares of the
Company and an aggregate of approximately C$64 million (US$47 million) subscription
amount.
Ganfeng Lithium entered into the Investment Agreement for the purpose of providing
funds to the Company for the further development of the Cauchari-Olaroz lithium project
and for general corporate and working capital purposes. Ganfeng Lithium will hold the
common shares in the Company for investment purposes and may acquire or dispose
of common shares of the Company in the future depending on circumstances and
conditions at such time. The board nomination right of Ganfeng Lithium arises pursuant
to an Investor Rights Agreement between the parties executed as part of the Investment
Agreement closing.
An early warning report will be filed by Ganfeng Lithium in respect of the transaction set
out in this press release. A copy of the early warning report will be available on the
Company’s profile at www.sedar.com or by contacting David Shen at 86-021-61681925.
About Lithium Americas
Lithium Americas, together with SQM, is developing the Cauchari-Olaroz lithium project,
located in Jujuy, Argentina, through its 50% interest in Minera Exar. In addition, Lithium
Americas owns 100% of the Lithium Nevada project (formerly Kings Valley project), and
RheoMinerals Inc., a supplier of rheology modifiers for oil-based drilling fluids, coatings,
and specialty chemicals.
For further information contact:
Lithium Americas Corp.
Investor Relations
Suite 1100 – 355 Burrard Street
Vancouver, BC, V6C 2G8
Telephone: 778-656-5820
Email: [email protected]
Website: www.lithiumamericas.com