NYSE- and TSX-V-listed Nouveau Monde Graphite (NMG) has closed its private placement announced last month, raising $50-million from Mitsui & Co, Pallinghurst Bond Limited and Investissement Quebec (IQ).
Through the private placement, Mitsui subscribed for $25-million in convertible notes, while Pallinghurst and IQ each subscribed for $12.5-million.
The company intends to use the proceeds of the private placement to work in the upcoming months on optimising the feasibility on its Phase 2 commercial integrated operations.
The intention is to proceed with project financing and the final investment decision (FID) on both Matawinie and Bécancour once that optimisation phase is completed and all operational variables are well understood. Based on current information, NMG anticipates a 28-month construction period following FID to bring its operations to commercial production.