10:01 AM EDT, 04/18/2024 (MT Newswires) -- (Updates to add stock move in the headline and the first paragraph.)

Lithium Americas ( LAC ) shares slid 27% in recent trading after the company said Thursday it priced a public offering of 55 million common shares at $5 each, expected to raise gross proceeds of $275 million.

The company intends to use the net proceeds to advance its Thacker Pass lithium mining project in Nevada's Humboldt County.

The company has also granted underwriters an option to purchase up to about 8.3 million additional common shares. The offering is expected to close Monday.