On January 31, 2023, General Motors Company and Lithium Americas Corp. entered into an agreement by which General Motors committed to make a US$650 million (C$865 million) equity investment in Lithium Americas and to purchase all of the offtake from Phase 1 of Lithium Americas’ Thacker Pass project (subject to certain conditions precedent). The investment will occur in two tranches, with the first tranche consisting of an approximate US$320 million subscription for common shares to purchase 9.999% of the share capital of Lithium Americas and the second tranche consisting of an approximate US$330 million subscription for common shares at the prevailing market price (subject to a cap of 130% of the subscription price of tranche 1). The agreement represents the largest-ever investment by an automaker for the production of battery raw materials.
Cassels acted for Lithium Americas.