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NextSource Materials Appoints Sir Mick Davis, Former CEO of Xstrata, Chair of the Board and Successfully Closes Initial Tranche of Strategic Investment by Vision Blue Resources
Sir Mick Davis, former CEO of Xstrata Plc, has been appointed Chair of the Board effective ...
About this update from Nextsource Materials Inc
[{"type":"text","content":"NextSource Materials Appoints Sir Mick Davis, Former CEO of Xstrata, Chair of the Board and Successfully Closes Initial Tranche of Strategic Investment by Vision Blue ResourcesSir Mick Davis, former CEO of Xstrata Plc, has been appointed Chair of the Board effective immediatelyCompleted initial private placement of US$6.1M, which forms the first part of the previously announced Total Financing Package of US$29.5M to fully fund the construction of the Company's Molo graphite mine in Madagascar committed by Vision Blue Resources Limited, a newly created battery commodity/resource-focused investment company founded by Sir Mick DavisProceeds of initial private placement to be used to fast-track completion of two technical studies to confirm the capital and operating costs for the next phase of mine expansion, and to construct a value-added graphite processing plant to produce SPG (spheronized, purified graphite) for lithium-ion batteries in electric vehiclesTORONTO, ON / ACCESSWIRE / March 15, 2021 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) (\"NextSource\" or the \"Company\") is pleased to announce the appointment of Sir Mick Davis, former CEO of Xstrata Plc, as Chair of the Board and the closing of the first tranche of a non-brokered private placement (the \"Initial Private Placement\") of common shares of the Company previously announced on February 8, 2021.The Initial Private Placement is the first part of the previously announced Total Financing Package of US$29.5 million committed by Vision Blue Resources Limited (\"Vision Blue\"), a newly created battery commodity/resource-focused private investment company founded by Sir Mick Davis. The Total Financing Package includes a US$6.1M equity private placement of common shares; a US$12.4 million equity private placement of units to close following shareholder approval; and US$11.0 million in non-dilutive royalty financing, and will be used to fully fund the construction of the Company's Molo graphite mine in Madagascar.Sir Mick DavisSir Mick Davis is a highly successful mining executive credited with building Xstrata Plc into one of the world's largest global diversified mining and metals companies prior to its acquisition by Glencore Plc. Before listing Xstrata on the London Stock Exchange as CEO, he was CFO of Billiton Plc and Chairman of Billiton Coal, which he joined af...