Canada’s Nemaska Lithium (TSX: NMX) has filed for creditor protection, following several months attempting to find new investors and continue operations.
The Montreal-based company has become this way the latest victim of an oversupply of the metal needed in the batteries for electric cars and high tech devices, which has squeezed the market this year.
Nemaska said it had received approval to apply to the Superior Court of Quebec for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) from its board of directors.
Under CCAA, the firm anticipates to conduct a review of its operations and to seek approval from the courts for a formal investor solicitation process. Through the process, Nemaska aims to source additional financing, sell assets, enter a joint venture, or a combination of those options.
More to come…
from MINING.COM https://ift.tt/2rnEptd
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