Nouveau Monde Graphite Inc. (NYSE: NMG, TSX: NOU) closed a public offering of 52.4 million subscription receipts at $1.84 each, raising approximately $96.5 million in gross proceeds. The offering included the full exercise of an over-allotment option.

The subscription receipts began trading on the Toronto Stock Exchange under the symbol "NOU.R.U". Each receipt represents the right to receive one common share without additional payment upon satisfaction of certain conditions, including completion of a concurrent $213 million private placement expected to close around May 15, 2026.

The offering was conducted through underwriters led by BMO Capital Markets and National Bank Capital Markets. The company agreed to pay a 5% cash fee on gross proceeds to the underwriters.

Proceeds from the escrow account will be released when conditions are met, including shareholder approvals for the private placement. If conditions are not satisfied by July 31, 2026, or if termination events occur, subscription receipt holders will receive their full purchase price plus accrued income.

The company stated the proceeds, combined with previously announced senior project debt facilities of $335 million, are expected to fund the Phase-2 Matawinie Mine development and advance toward a final investment decision and construction. The funds will support design, engineering, construction, and general working capital requirements.

Nouveau Monde Graphite is developing graphite mining and processing operations in Quebec, Canada, to supply carbon-neutral graphite materials to energy, technology and manufacturing industries.