04:59 PM EDT, 10/07/2019 (MT Newswires) -- Nemaska Lithium Inc. (NMX.TO, OTCQX: NMKEF) -- trading near a 52 week low of $0.21 -- after trade Monday provided an update on the progress of its Whabouchi Project as well as the constructive continuation of the financing discussions with The Pallinghurst Group.

In a statement it said this update is carried out following the filing, on September 30th, of its Annual Financial Statements, Annual Information Form and Management Discussion and Analysis (MD&A) for the year ended June 30, 2019, and the signing of an agreement with Pallinghurst which extends until December 31, 2019, the exclusivity of the period to complete the financing from Pallinghurst.

"Our focus for the past weeks has been to work assiduously with Pallinghurst on its investment proposal. Discussions are progressing well, and we have every reason to believe that we have met all their requirements from a technical due diligence standpoint. We are working closely with our advisors to help Pallinghurst complete its entire review in a timely manner to reach an agreement that will satisfy all parties, including our shareholders. This is why we have accepted to extend to December 31, 2019, the exclusivity period for negotiation and closing of their investment," said Guy Bourassa, President and CEO of Nemaska Lithium, in Monday's statement.

"Even at a reduced pace of work, progress at the Whabouchi mine has been significant and demonstrates the quality and effectiveness of our Construction and Operations teams. In Shawinigan, detailed engineering is on schedule, and the Phase 1 plant steadily delivers to potential clients as our team continues to improve our processes in preparation for the commercial phase."