Lithium Americas plans 55 mln share offering to raise more cash

April 17 (Reuters) - Lithium Americas said on Wednesday it would sell 55 million of its common stock in a bid to raise more cash, a month after the U.S. unveiled plans to lend it $2.26 billion to build Nevada's Thacker Pass lithium project.

The project is expected to run at full capacity in 2028, aiming to eventually produce 80,000 metric tons per year. The company aims to extract lithium at Thacker Pass from a large clay deposit, something that has never been done before at commercial scale.

The loan, announced last month, is a key part of the Biden administration's effort to reduce dependence on lithium supplies from China. The mine is slated to open later this decade and be a key supplier to General Motors.

Vancouver-based Lithium Americas said shares sold in the offering will be offered by the company. It would grant the underwriters of the public offering a 30-day option to purchase an additional 15% of shares, it said in a statement.

U.S.-listed shares of Lithium Americas closed at $6.63 on Wednesday. Post-market, the stock fell 19%. (Reporting by Mrinmay Dey in Bengaluru; Editing by Subhranshu Sahu)