It has been relatively quiet around Nemaska Lithium the last 6 months or so, after it started construction on the Phase I plant and completed several early stage parts of the Whabouchi Mine, besides looking for capex financing packages along the way. Although lithium product prices held up very well at relatively high levels and are even slowly rising again:
Source: Galaxy Resources/CJ Securities by Seekingalpha
the Canadian stock market sentiment turned a bit soft/neutral, so an advanced and permitted lithium development story looking for major funding often doesn't get the most love from investors in this kind of climate, as can be seen in this chart:
After compiling, interpreting and modelling all available data and surveys, and defining targets, Genesis Metals needed cash to advance their flagship Chevrier Gold project to the next stage: commencing of drilling. Management worked hard to gain interest, and it seemed they succeeded in their aim to get the company funded to drill well into 2018. On top of this, they welcomed two of the most respected and well-known names in the business, Eric Sprott and Osisko Mining as significant shareholders, which is impressive. The company completed 2 rounds of financing to achieve this.
On June 5, 2017, Genesis Metals closed its C$3.25-million non-brokered private placement previously announced on May 24, 2017. Eric Sprott, Delbrook and other large, strategic institutional investors also participated in this first big round.
Chevrier Gold project
Being established at the peak of the last precious metals bull market as its predecessor Entourage Metals, junior explorer Genesis Metals didn't have the most easiest of times to make a name for itself. Despite a set of very prospective claims and a very experienced team of well-known geologists, things went south during the bear market as significant new discoveries couldn't be made at the time.