Nouveau Monde Graphite secures $297 million equity financing package
The private placement includes investments from Canada Growth Fund ($82 million), the Government of Québec through Investissement Québec ($61 million), and Eni S.p.A. ($70 million). The company will issue 115,847,792 common shares at $1.84 per share for the private placement.
Concurrently, NMG launched a bought deal public offering of 45.6 million subscription receipts at $1.84 each, generating approximately $84 million in gross proceeds. Each subscription receipt converts to one common share upon satisfaction of release conditions, including completion of the private placement.
The equity financing, combined with previously announced $335 million project debt facilities, is expected to fully fund the Phase-2 Matawinie Mine and advance the project toward final investment decision. The company plans to use proceeds for mine design, engineering, construction, and general working capital.
Completion of the private placement requires shareholder approval at a meeting scheduled for May 13, 2026. The transaction involves related party elements requiring "majority of the minority" approval under Canadian securities regulations, as Investissement Québec and Canada Growth Fund each own more than 10% of outstanding shares.
As part of Eni's investment, the companies signed a letter of intent for potential offtake discussions regarding 15,000 tonnes per annum of graphite concentrate from the Phase-2 Matawinie Mine or equivalent active anode material.
Strategic shareholders Panasonic and Mitsui indicated their intention to vote in favor of the required approvals. The private placement is expected to close around May 15, 2026, while the public offering is targeted for closure around April 16, 2026.
NMG also announced plans for its 13,000-tonne-per-annum Bécancour Battery Material Plant, targeting a final investment decision in the second half of 2026. The company acquired a 143,000 square meter brownfield site adjacent to its existing property for this facility.