Following access to US$96.5 million that was locked in escrow, Nouveau Monde Graphite (NMG), a Quebec-based graphite mining and processing company, has decided to begin construction on Phase-2 of the Matawinie Mine, 120 km north of Montreal.
The release of the funds also triggers the conversion of subscription receipts into shares, increasing the company share count, and allowing for more investment in the mine.
In addition, the company announced that two major investors, the Canada Growth Fund (CGF) and Investissement Quebec (IQ), have increased their ownership stakes as part of the financing.
NMG also announced the appointments of Josée Gagnon as chief legal officer and Martine Paradis as chief of sustainability and culture office. According to the company, these new changes are in aid of their strategic growth targets. “Their respective expertise, leadership, and vision will be instrumental as we continue to execute our strategy, strengthen our governance framework and advance our sustainability objectives,” said Eric Desaulniers, the CEO of NMG, of the new appointments.
As NMG moves from planning into project execution, this financing could mark a pivotal moment for Quebec’s domestic battery material supply chain.
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