Aug 1 (Reuters) - Lithium miner Patriot Battery Metals said on Tuesday it had entered into a subscription agreement with Albemarle Corp related to a private placement of C$109 million ($82.6 million).

At the closing of the investment, Patriot will enter into a non-binding memorandum of understanding with Albemarle to study the viability of a downstream lithium hydroxide plant integrated with the Corvette lithium project. ($1 = 1.3189 Canadian dollars) (Reporting by Echha Jain in Bengaluru)