Business
NextSource Closes Overnight Marketed Offering for Gross Proceeds of C$50 Million
NextSource Closes Overnight Marketed Offering for Gross Proceeds of C$50 Million Canada...
About this update from Nextsource Materials Inc
[{"type":"text","content":"\n \n \n \n NextSource Closes Overnight Marketed Offering for Gross Proceeds of C$50 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Aug. 1, 2023\n \n \n /CNW/ - (TSX:NEXT) (\"\n \n NextSource\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has closed its previously announced overnight marketed public offering (the \"\n \n Offering\n \n \"). Pursuant to the Offering, NextSource issued 30,303,500 common shares of the Company (each a \"\n \n Share\n \n \") at a price of\n \n C$1.65\n \n per Share (the \"\n \n Offering Price\n \n \") for gross proceeds of\n \n C$50,000,775\n \n . The Offering was conducted through a syndicate of underwriters co-led by Cormark Securities Inc. and BMO Capital Markets, and including Clarus Securities Inc. (collectively, the \"\n \n Underwriters\n \n \"), pursuant to an underwriting agreement dated\n \n July 13, 2023\n \n entered into among the Company and the Underwriters.\n \n \n In addition, the Company has granted the Underwriters an option (the \"\n \n Over-Allotment Option\n \n \") to purchase up to an additional 15% of the number of Shares issued under the Offering on the same terms exercisable at any time up to 30 days following the date hereof, for market stabilization purposes and to cover over-allotments, if any.\n \n \n Vision Blue Resources Ltd. (\"\n \n Vision Blue\n \n \") purchased 14,151,500 Shares under the Offering to maintain its pro rata ownership in the Company. The Offering is subject to final approval of the Toronto Stock Exchange.\n \n \n The net proceeds of the Offering are intended to be used by the Company to advance and complete construction of a battery anode facility in\n \n Mauritius\n \n and other matters as to be described in the Prospectus (as defined below).\n \n \n The Shares issued under the Offering were qualified for distributi...