NYSE- and TSX-V-listed Nouveau Monde Graphite (NMG) has closed its personal placement introduced final month, elevating $50-million from Mitsui & Co, Pallinghurst Bond Restricted and Investissement Quebec (IQ).
By the personal placement, Mitsui subscribed for $25-million in convertible word, whereas Pallinghurst and IQ every subscribed for $12.5-million.
The corporate intends to make use of the proceeds of the personal placement to work within the upcoming months on optimising the feasibility on its Part-2 industrial built-in operations.
The intention is to proceed with venture financing and the ultimate funding determination (FID) on each Matawinie and Bécancour as soon as that optimisation part is accomplished and all operational variables are nicely understood. Based mostly on present data, NMG anticipates a 28-month development interval following FID to deliver its operations to industrial manufacturing.