Business
Pallinghurst Graphite Increases its Interest in Nouveau Monde Graphite to 21% – Showing Further Commitment to the Company
MONTRÉAL / Oct 18, 2021 / Business Wire / Nouveau Monde Graphite Inc. (“Nouveau Monde” or the “Company”) (NYSE: NMG, TSXV: NOU) is pleased to announce that Pall
About this update from Nouveau Monde Graphite Inc
[{"type":"text","content":"MONTRÉAL / Oct 18, 2021 / Business Wire / Nouveau Monde Graphite Inc. (“Nouveau Monde” or the “Company”) (NYSE: NMG, TSXV: NOU) is pleased to announce that Pallinghurst Graphite International Limited (“Pallinghurst”), the holder of a secured convertible bond in the principal amount of C$15 million (the “Convertible Bond”), as announced in the press release dated July 15, 2020, has converted the full outstanding principal amount of the Convertible Bond to common shares of the Company. This decision further demonstrates Pallinghurst’s significant and continuing support for the Company and its ongoing project development initiatives, as it strives to become a key player in the sustainable energy revolution. Importantly, all related security to secure the obligations of the Company under the Convertible Bond will be released and discharged, which will provide the Company with increased flexibility for its project financing initiatives, as it moves towards the next stage of development. The Convertible Bond was converted in two tranches: 1,875,000 common shares were received by Pallinghurst on exercise of the first tranche and distributed by Pallinghurst to its investors, which include Messrs. Arne H Frandsen and Andrew Willis, who are directors of the Company. 5,625,000 common shares were subsequently issued to Pallinghurst in respect of conversion of the second tranche. In addition, and pursuant to the terms of the Convertible Bond, the Company has elected to settle the accrued and unpaid interest owing under the Convertible Bond of C$1,900,463 by issuing an additional 220,471 common shares of the share capital of the Company (the “Interest Shares”) at C$8.62 per Interest Share, in accordance with the rules of the TSX Venture Exchange. Following the issuance of the Interest Shares, all amounts payable pursuant to the Convertible Bond will have been settled in full. Following the exercise of the Convertible Bond, the distribution to Pallinghurst investors, and receipt of the Interest Shares, together with its existing holdings, Pallinghurst, together with its subsidiary will own 11,541,014 common shares of the Company representing approximately 21% of the issued and outstanding common shares of the Company. Arne H Frandsen, Managing Partner and Co-Founder of The Pallinghurst Group said: “Pallinghurst is delighted to continue its sup...