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Nouveau Monde Graphite to raise up to C$8M in private placement

Nouveau Monde Graphite Inc. plans to raise up to C$8 million in a best-efforts private placement. A syndicate of agents will place units priced at 30 cents each and has been granted a 25% overallotment option, exercisable no later than 48 hours before closing.

Each unit will consist of a common share and half of a warrant, with each full warrant exercisable at 40 cents per share for two years, according to a June 6 statement.

The company will use the proceeds for capital allocations in connection with its demonstration plant in Saint-Michel-des-Saints, Quebec, which is expected to produce its first concentrated flake graphite this summer.

Nouveau Monde aims to develop a process to transform flake graphite into products that are suitable for lithium-ion batteries.