After reaching $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 of the second phase of its Matawinie mine, 120 km north of Montreal.
Freeing up funds also converts subscription receipts into shares, increasing the number of shares in the company and allowing further investment in the mine.
Additionally, the company announced that two major investors, Canada Growth Fund (CGF) and Investissement Quebec (IQ), have increased their ownership stakes as part of the financing.
NMG also announced the appointment of José Gagnon as Chief Legal Officer and Martin Paradis as Head of the Sustainability and Culture Office. According to the company, these new changes help achieve its strategic growth goals. “Their expertise, leadership and vision will be instrumental as we continue to implement our strategy, strengthen our governance framework and advance our sustainability goals,” NMG CEO Eric DeSaulnier said of the new appointments.
As NMG moves from planning to project implementation, this financing could represent a pivotal moment for Quebec’s domestic battery materials supply chain.
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