Albemarle to invest about $83 mln in Patriot Battery Metals for 5% stake (updated)

PMET Resources

01/08/2023 24:49

(Tweaks first paragraph to say Albemarle is buying 5% stake,
adds details in paragraphs 2 and 3)
       Aug 1 (Reuters) - Lithium miner Patriot Battery Metals
 PMET.V   PMT.AX  said on Tuesday Albemarle  ALB.N  would invest
C$109 million ($82.6 million) in the company for a 5% stake.
    Albemarle will subscribe around 7.1 million Patriot shares
at an issue price of C$15.29 per common share under a
subscription agreement. The issue price represents a 7% premium
to the stock's July 31 closing price on the TSX Venture
Exchange.
    Patriot will use the proceeds to accelerate development
activities at the Corvette lithium project in Quebec, Canada and
for general corporate purposes.
    Upon closing of the investment, Patriot will enter into a
non-binding pact with Albemarle to study the viability of a
downstream lithium hydroxide plant integrated with Corvette.
    The battery metals miner expects the investment to close by
Aug. 4.    

($1 = 1.3189 Canadian dollars)

 (Reporting by Echha Jain in Bengaluru; Editing by Subhranshu
Sahu)
 ((Echha.Jain@thomsonreuters.com;))