Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Nouveau Monde Graphite (TSXV: NOU; NYSE: NMG) is raising $22 million primarily to advance the Matawinie graphite mine and Bécancour material plant projects located within 150 km of Montreal, Quebec.
The company has inked a deal with a syndicate of underwriters led by BMO Capital Markets and Cormark Securities. The underwriters have agreed to buy approximately 4.9 million Nouveau Monde shares at a price of $4.55 per share.
The company has granted the underwriters an over-allotment option for up to an additional 15% of shares within 30 days of the original deal closing.
Nouveau Monde says it may also offer a non-brokered private placement of approximately 2.9 million additional shares. Shareholders that participate in the private placement will be granted an over-allotment of up to 440,814 additional shares.
A portion of the net proceeds will also be used for the development of the Uatnan graphite project, also located in Quebec, and for general working capital.
The company intends to be a vertically integrated producer of battery anode materials. It released feasibility studies for both the Matawinie mine and the Bécancour plant last summer. The mine is expected to produce approximately 103,300 tonnes of graphite concentrate annually over 25 years.
The battery material plant is expected to produce about 42,600 tonnes of anode material, 3,000 tonnes of purified jumbo flakes, and 18,400 tonnes of by-product fine flakes annually.
