Lithium Miner, Lithium Americas Corp. (TSX: LAC) (NYSE: LAC), Stock Trends on GM, DOE News

Investorideas.com (www.investorideas.com Newswire) a top 100 rated investment site for retail investors following mining stocks issues a trading and news alert for  Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) .

The stock is trending on news today, currently trading at 7.11, up 1.39, gaining 24.43% on volume of over 140 Million shares on the NYSE, as of this report.

Lithium Americas today announced that together with General Motors Holdings LLC ("GM"), its joint venture partner in the Thacker Pass lithium project , the Company has reached a non-binding agreement in principle with the U.S. Department of Energy (the "DOE") to advance the first draw of $435 million on the previously announced $2.26 billion DOE loan .

The key provisions of the First Draw Terms include:

The DOE has agreed to defer $182 million of debt service over the first five years of the DOE Loan.

The DOE will receive:

5% equity stake in the Company through warrants to purchase common shares of the Company at an exercise price of $0.01 per share (the "LAC Warrants") and 5% economic stake in the JV (the "JV Units") through warrants to purchase non-voting, non-transferable equity interest of the JV with an exercise price of $0.01 per unit (the "JV Warrants").

The Company will post an additional $120 million to DOE Loan reserve accounts, to be funded within 12 months of the DOE advancing First Draw.

GM will provide additional support to the Project by amending its lithium offtake agreement with the JV (the "Offtake Agreement") to permit the JV to enter into additional third-party offtake agreements for certain remaining production volumes not forecasted to be purchased by GM.

Jonathan Evans, President and CEO of Lithium Americas said, "We greatly appreciate the support of the Administration, General Motors and our partners in advancing this vital world-class project. Together, we are onshoring large-scale U.S. lithium production, strengthening America’s supply chain, creating exceptional jobs and enhancing our long-term energy security and prosperity."

Shilpan Amin, Senior Vice President Global Chief Procurement and Supply Chain Officer of General Motors said, "We’re confident in the Thacker Pass project, which will reduce U.S. dependence on imported lithium and can support domestic manufacturing across many industries, such as aerospace, defense and electrical grid resiliency, in addition to automotive. We are pleased to see it move forward and appreciate the Administration’s support as GM continues to build a secure, resilient supply chain."

Recent news:

https://ca.finance.yahoo.com/news/lithium-americas-reaches-agreement-gm-040000914.html

Lithium Americas is developing Thacker Pass located in Humboldt County in northern Nevada, which hosts the largest known measured lithium resource (Measured and Indicated) and reserve (Proven and Probable) in the world. Thacker Pass is owned by a joint venture between Lithium Americas (holding a 62% interest and is the manager of the Project), and GM (holding a 38% interest). The Company is focused on advancing Phase 1 of Thacker Pass toward production, targeting nominal design capacity of 40,000 tonnes per year of battery-quality lithium carbonate.

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