Nouveau Monde raised US$59.4 million for its graphite projects in Quebec
(Kitco News) - On Thursday, Nouveau Monde (NYSE: NMG; TSXV: NOU) announced the closing of its previously announced underwritten public offering of 7,915,000 of its common shares, which includes the partial exercise by the underwriters of their option to purchase additional common shares, for aggregate gross proceeds of US$59,362,500.
Further, as previously announced, the company plans to complete a non-brokered private placement of a maximum of 1,978,750 common shares based on preliminary discussions with one of its other current shareholders, for aggregate gross proceeds of up to US$14,840,625, at a price of $7.50 per common share.
The company said it expects the net proceeds of the offering and the private placement to be used towards the development of the Matawinie graphite mine project and LiB anode plant project, both located in Quebec, Canada, and for general working capital and corporate expense needs.
Nouveau Monde is working towards developing a fully integrated source of green battery anode material in Quebec, Canada. Targeting commercial operations by 2023, the company is developing advanced carbon-neutral graphite-based material solutions for the growing lithium-ion and fuel cell markets.
Nouveau Monde aspires to become a strategic supplier to the world’s leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability.