Nouveau Monde Graphite Inc. said Aug. 9 that it intends to raise up to about C$10 million through the sale of units at 30 Canadian cents each on a best-efforts private placement basis.

Each unit consists of 1 share and half of a share purchase warrant, with every whole warrant holder entitled to acquire 1 share at 40 cents within 24 months from closing.

The company granted a syndicate of agents, led by Eight Capital, an overallotment option to offer up to 15% of the units, exercisable up to 48 hours before the closing of the offer.

Proceeds will be used for working capital and general corporate purposes.