Globe & Mail 09:10 AM EST, 02/01/2021 (MT Newswires) -- Nouveau Monde Graphite Inc. (NOU.V), which at last look rose 4.9% in Frankfurt afternoon trade, said Monday that it raised $16.5 million following the exercise of 75 million warrants held by shareholders of The Pallinghurst Group, the company's top investor.
Pallinghurst now owns a 15.2% stake in Nouveau Monde and holds a $15 million convertible bond. Assuming the conversion in whole of the convertible bond, Pallinghurst would own 29.7% of Nouveau Monde.
With a cash position of $34 million as of Feb. 1, Nouveau Monde management now believes that the company is sufficiently funded for this year's further development of its mining and value-added projects.
In addition, the company expects to raise up to $5.8 million in February, assuming the successful closing of the private placement announced in January.
Nouveau Monde is developing a fully-integrated source of green battery anode material in Quebec, with start of full-scale commercial operations targeted by 2023.