-- Nouveau Monde Graphite (NMG) said Thursday it secured a $297 million equity financing package to advance its Phase-2 Matawinie Mine project in Quebec toward a final investment decision.
The package includes a $213 million private placement from the Canada Growth Fund, the government of Quebec and Eni (E), along with an $84 million bought-deal public offering of subscription receipts.
Completion of the private placement is subject to regulatory and shareholder approval at Nouveau Monde Graphite's annual meeting on May 13. Shareholders Panasonic and Mitsui have expressed their intention to vote in favor of the approvals, the company said.
Nouveau Monde Graphite shares fell 11% in after-hours trading.