Funds secured for expansion Canada’s Nouveau Monde Graphite has unveiled it has closed its private placement and common share purchase warrants for aggregate gross proceeds of US$50 million from Panasonic and General Motors.
The Canadian miner is aiming “to use the proceeds of the Tranche 1 Investment to support the advancement of NMG’s Phase-2 operations – the Matawinie Mine and the Bécancour Battery Material Plant – in line with their respective battery specifications,” Nouveau Monde Graphite said in a statement.
Nouveau Monde Graphite says it is working towards establishing the company as a leading source of carbon-neutral battery anode material in Canada’s province of Québec, for the developing lithium-ion and fuel cell markets.