The company is working towards developing a fully integrated source of green battery anode material in Québec, with commercial operations targeted by 2023
Shortly following the closing of the offering and after preliminary discussions with shareholders, Nouveau Monde also plans to complete a non-brokered private placement of a maximum of 1.75 million common shares on the same terms as the offering.
Altogether, the company is expected to raise gross proceeds of approximately C$118.7 million ($97.6 million) from the public offering and private placement.
Net proceeds would be used towards the development of its Matawinie graphite property and li-ion battery anode plant, as well as for general working capital and corporate expenses.
The company is working towards developing a fully integrated source of green battery anode material in Québec, with commercial operations targeted by 2023.
Shares of Nouveau Monde dropped 6.7% by noon EST wednesday, giving the company a market capitalization of about C$469.5 million.
