NextSource Materials says its raised C$14.7mln in share placing
Published: 09:27 14 Oct 2024 EDT
NextSource Materials Inc. (TSX:NEXT, OTCQB:NSRCF) confirmed it is raised C$14.7 million in a private placement, selling 27.7 million shares at 53 cents each.
Significant shareholder Vision Blue Resources bought 15.58 million shares for C$8.26 million, and the rest of the shares were taken up by other new and existing investors.
Proceeds from the offering will be used to support the company as it advances its Battery Anode Facilities (BAF) to produce active anode material for electric vehicle batteries.
Also, a portion of the funds will also be allocated to Phase 2 expansion activities at the Molo Mine, as well as for working capital and general administrative expenses.
With Vision Blue's participation in this latest round, it now has 48.0% of NextSource’s shares, up from 46.6%.
Vision Blue has confirmed its continued interest in monitoring its investment and could increase or decrease its holdings based on market conditions.
Shares issued in the placement are subject to a four-month hold period in Canada.
