Ganfeng invests $180 million in Lithium Argentina via 6-year convertible note
LAAC•Lithium Argentina closed a $180 million investment from Ganfeng through a six-year unsecured convertible note carrying a 4% coupon and convertible at $12.50 per share. The proceeds and cash on hand will repay $259 million of notes due in January 2027.
1. Convertible note terms
Lithium Argentina closed a $180 million strategic investment from Ganfeng through a six-year unsecured convertible note with a 4% coupon. The note is convertible into common shares at $12.50 per share.
2. Debt repayment and ownership
The proceeds, alongside cash on hand, will repay $259 million of convertible notes due January 2027. Ganfeng holds about 9.6% of Lithium Argentina’s common shares; full conversion would add 14.4 million shares and raise its ownership to about 16.1% on a fully diluted basis.
