LAC released a prospectus supplement tonight.  If the offering is fully funded LAC will raise $331M after expenses.  If the offering is over-allocated they will raise $378M.  The supplement is very clear what LAC is going to use the funds for minus the foot note on TP.  Very interesting……

•         $23.2M – Pre-Construction & Engineering costs @ TP
•     $272M – Development Costs on TP Project*
•     $14.5M – General corporate & working capital purposes
•     $329.7M – Total

Please note the following foot notes on the use of funds:

* A decision to incur expenditures on development of the Thacker Pass Project is subject to several factors, including results of the feasibility study work currently in progress, the extent and terms of third-party financing that the Company secures for development costs, if any, and the Company having made a development decision on the project.  The Company may, in its discretion, alternately elect to allocate all or a portion of these proceeds to repayment of amounts owing under the Senior Credit Facility and other liabilities and/or to general corporate purposes.