07:48 AM EDT, 08/30/2024 (MT Newswires) -- Lithium Americas ( LAC ) and General Motors Holdings (GM) on Friday extended until the end of the year the outside date for the second tranche of their subscription agreement.

GM also reaffirmed its intention to complete an additional US$330 million investment in Lithium Americas ( LAC ) to support the Thacker Pass lithium project in Nevada.

Lithium Americas' ( LAC ) share price rose 1.5% to US$2.63 at last look in NYSE pre-market trading following the news.

Lithium Americas ( LAC ) said the parties will explore alternative structures for GM's additional investment. As a result, Lithium Americas ( LAC ) agreed to forbear making a unilateral election to close the second tranche investment until Dec. 20 to provide time for such discussions to take place.

GM's investment is subject to the conditions precedent set forth in the second tranche subscription agreement, Lithium Americas ( LAC ) said.

"Our relationship with GM has been built on collaboration and a mutual goal to develop a robust domestic lithium supply chain," said Jonathan Evans, president and CEO of Lithium Americas ( LAC ). "We are fortunate to have GM's partnership as we finalize the DOE Loan and GM investment prior to making the final investment decision later this year."