Business
Nouveau Monde Announces the Successful Closing of the Previously Announced C$5.75 Million Private Placement Offering
The private placement forms part of the previously announced financing, which included a bought deal public offering of C$17 million which was completed in Janu
About this update from Nouveau Monde Graphite Inc
[{"type":"text","content":" The private placement forms part of the previously announced financing, which included a bought deal public offering of C$17 million which was completed in January The net proceeds raised by the Company following these two financings is close to C$22 million Investissement Québec, acting as mandatary for the government of Québec, and Pallinghurst show strong ongoing support, subscribing for the full amount of the private placement MONTRÉAL, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Nouveau Monde Graphite Inc. (“Nouveau Monde” or the “Company”) (TSXV: NOU; OTCQX: NMGRF; Frankfurt: NM9) is pleased to announce that it has closed the non-brokered private placement (the “Private Placement”) of common shares of the Company previously announced on January 13 and 20, 2021. The Private Placement was launched concurrently with the bought deal public offering of C$17 million of the Company, which closed on January 20, 2021. Pursuant to the Private Placement, the Company issued a total of 3,965,516 common shares at a price of C$1.45 per share for proceeds to the Company of approximately C$5,750,000. Of this amount, Investissement Québec, acting as mandatary for the government of Québec, subscribed for 3,172,413 common shares, for a total subscription price of approximately C$4.6 million, and Pallinghurst Graphite Limited (“Pallinghurst”), an insider of the Company, subscribed for the remainder of the common shares. The common shares issued pursuant to the Private Placement will be subject to a statutory hold period in Canada of four months and one day. The proceeds of the Private Placement will be used for the Bécancour value-added graphite project development, the Matawinie mine and concentrator detailed engineering, as well as corporate general and administrative expenses. Under the Private Placement, Pallinghurst, an insider of the Company, purchased 793,103 common shares, which constitutes a “related party transaction” within the meaning of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (“Regulation 61-101”) and TSXV Policy 5.9 – Protection of Minority Security Holders in Special Transactions. However, the directors of the Company who voted in favour of the Private Placement have determined, based on advice from counsel and management, that the exemptions from formal valuation and minority approval...