Clean Technology Canada

Li-Cycle announces completion of its $50M investment from LG Energy Solution and LG Chem

May 12, 2022
By Canadian Manufacturing
Presented by:

TORONTO — Li-Cycle Holdings Corp., a company involved in lithium-ion battery resource recovery and a lithium-ion battery recycler in North America, announced the successful completion of the previously announced $50 million aggregate investment in common shares of the Company by LG Energy Solution, Ltd. and LG Chem, Ltd. LGES and LGC have each subscribed for an equal number of Common Shares, at an average subscription price of $9.43 per Common Share. Following the investment, LGES and LGC collectively hold 5,300,352 Common Shares, representing approximately 3% of the issued and outstanding Common Shares in the capital of the Company.

Under the terms of the Subscription Agreements with each of LGES and LGC entered into on December 13, 2021, as amended and restated on April 21, 2022, the investment was split into two tranches: (i) an initial tranche of 4,416,960 Common Shares, in the aggregate, at a price of $10.00 per share (for an aggregate initial tranche subscription price of approximately $44.2 million), and (ii) a second tranche of 883,392 Common Shares, in the aggregate, at a price of $6.60 per share, being the volume-weighted average trading price of Li-Cycle’s Common Shares for the 5 trading days ending immediately prior to April 29, 2022 (for an aggregate second tranche subscription price of approximately $5.8 million).