Nemaska Announces Closing of $1,365,000 Financing

QUÉBEC CITY, QUÉBEC, CANADA--(Marketwire - June 21, 2012) - NEMASKA LITHIUM INC. (the "Corporation") (TSX VENTURE:NMX)(OTCQX:NMKEF) is pleased to announce that it has closed a brokered private placement of an aggregate number of 2,730,000 flow-through units (the "Flow-Through Units") in the capital stock of the Corporation, at a price of $0.50 per Flow-Through Unit, for an aggregate gross proceeds of $1,365,000 (the "Offering").

Each Flow-Through Unit is comprised of one flow-through common share in the capital of the Corporation and one-half of one common share purchase warrant. Each whole warrant (the "Warrant") shall entitle the holder thereof to acquire one non flow-through common share of the capital of the Corporation (the "Warrant Share"), at a price of $0.65 per Warrant Share, for a period of 18 months following the closing of the Offering.

The Offering was conducted through a syndicate co-led by Industrial Alliance Securities Inc. and Casimir Capital Ltd. acting as agents (the "Agents"). In consideration for their services, the Agents received an aggregate cash commission of $95,550 and an aggregate 191,100 compensation options to purchase up to 191,100 common shares in the capital of the Corporation, at a price of $0.50 per common share, until December 20, 2013.

The net proceeds of the Offering will be used by the Corporation to incur exploration expenses on its properties located in the Province of Québec.

All securities issued pursuant to the Offering are subject to a restricted period of four months and a day, ending on October 21, 2012 under applicable Canadian securities legislation. As a result, the Corporation has 100,234,674 common shares issued and outstanding.

The Corporation expects to be able to file shortly all required documentation to satisfy the conditional acceptance of the TSX Venture Exchange.

The Corporation also announces that it has received offers from potential investors to subscribe for an additional amount of up to $635,000 in a second tranche of the Offering, subject to certain conditions being met. In such a case, a second closing is expected to occur within a few weeks.

About Nemaska

Nemaska is an exploration and development corporation that is currently involved in the development of its Whabouchi lithium deposit located in the James Bay region, Province of Quebec. Nemaska has also developed innovative processes to transform lithium minerals into value added lithium hydroxide and lithium carbonate. Nemaska also owns 100% of the Sirmac lithium project, located at about 125 km south of the Whabouchi deposit. Both projects are easily accessible year round by the Route du Nord from Chibougamau. The Whabouchi lithium deposit is located near the Cree community of Nemaska and the Némiscau airport. Nemaska is also an important shareholder of Monarques Resources Inc. (TSX VENTURE:MQR).

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nemaska to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.