Gatos Silver posts solid 2024, preps takeover by First Majestic
The deal will merge Gatos’ main Cerro Los Gatos mine with First Majestic’s San Dimas mine in Durango, and its Santa Elena operation in Sonora.
Following the approval for its US listing last month, Nouveau Monde Graphite Inc. (NYSE: NMG; TSXV: NOU) has launched a proposed underwritten public offering of 7 million common shares in the Canadian and US markets, which would raise approximately C$95 million ($78.1 million) based on the stock’s last closing price on the TSXV.
The company also expects to grant the underwriters a 30-day over-allotment option to purchase up to an additional 15% of the common shares sold under the offering. Evercore ISI and BMO Capital Markets will act as joint book-running managers for the proposed offering.
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.
