NextSource Materials Completes Non-Brokered Private Placement
20 Août 2018 - 1:00PM
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRC) (“NextSource” or
the “Company”) announces it has completed a non-brokered
private placement offering (the “Offering”) of 21,659,270
units (the “Units”) at a price of CAD$0.07 per Unit for gross
proceeds of CAD$1,474,149
. The Offering
received substantial support from existing shareholders of the
Company and included participation by management and directors of
NextSource.
Each Unit consists of one common share of the
Company and one-half common share purchase warrant (a “Warrant”),
with each Warrant entitling the holder to acquire one additional
common share of the Company at a price of CAD$0.10 per share for a
period of 24 months.
Use Of Proceeds
The net proceeds of the Offering will enable
NextSource to satisfy specific requests by two major international
graphite buyers to complete advanced testing requirements on a bulk
sample of the Company’s SuperFlake® graphite concentrate for
battery anode and expanded graphite foil applications. The net
proceeds will also be used for general and administrative
expenses.
The bulk samples will be prepared and processed
to the requested test specifications at SGS Minerals (Lakefield)
Canada and under the supervision of Mr. Oliver Peters M.Sc., MBA,
P.Eng., senior metallurgical and process consultant at SGS Minerals
(Lakefield) Canada (“SGS”).
Mr. Peters was the head process engineer for
NextSource’s 2015 pilot plant operation at SGS, which is the
largest known pilot plant operation completed by any junior
graphite company globally to date. Over 200 tonnes of Molo
ore was processed during the pilot plant operation, creating 13
tonnes of high quality, SuperFlake® graphite concentrate that was
used to develop the process flowsheet for the Molo mine and to
provide substantial and representative “run-of-mill” bulk tonnage
samples for evaluation by graphite offtakers.
As detailed in the Company’s June 2017
Feasibility Study, NextSource’s SuperFlake® graphite concentrate
can achieve 98% carbon purity with standard mineral processing
(flotation), has excellent thermal expansion, can be easily
upgraded to 99.97% purity (battery grade) and contains no
deleterious substances. The SuperFlake® graphite concentrate’s
flake size distribution is well above the global average, with 46.4
percent being classified as the premium-priced +80 (large), +65
(extra large) and +48 (jumbo) mesh flake size. Specifically 23.6
percent of SuperFlake® graphite concentrate is +48 mesh and greater
in size.
As previously reported, significant independent
testing of the pilot plant material already completed by various
key global offtakers and graphite end-users has confirmed that Molo
SuperFlake® graphite concentrate meets or exceeds quality
requirements for all major end markets for natural flake graphite -
anode material for lithium-ion batteries, refractories and
specialty graphite foils. Molo SuperFlake® has also been verified
for graphene ink applications.
All securities issued in connection with the
Offering will be subject to a minimum four-month hold period as
required by Canadian securities laws.
The Company has obtained conditional approval
from the Toronto Stock Exchange (the “TSX”) for the listing of all
common shares issued pursuant to the Offering. The Offering is
subject to receipt of final approval of the TSX.
Qualified Persons
Mr. Craig Scherba, P.Geo., President and CEO, is
the qualified person who reviewed and approved the technical
information provided in this press release.
About NextSource Materials Inc.
NextSource Materials Inc. is a mine development
company based in Toronto, Canada, that is developing its 100%-owned
Molo Graphite Project in southern Madagascar. The Molo Graphite
Project is a feasibility-stage, shovel-ready project that ranks as
one of the largest-known and highest quality flake graphite
deposits in the world and the only project with SuperFlake®
graphite.
For further information contact:
+1.416.364.4911
Brent Nykoliation, SVP, Corporate Development at
brent@nextsourcematerials.com or Craig Scherba, President and CEO
at craig@nextsourcematerials.com
Safe Harbour: This press release contains
statements that may constitute “forward-looking statements” within
the meaning of applicable Canadian securities legislation. Readers
are cautioned not to place undue reliance on such forward-looking
statements. Forward-looking statements include, but are not limited
to, the trading of the Company’s shares on the TSX and OTCQB, the
results of the updated 2017 Feasibility Study, the results of the
previous 2015 Molo Feasibility Study, any and all product test
results and product analysis. These are based on current
expectations, estimates and assumptions, and although the Company
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, actual results or
developments may vary and, in some instances, differ materially
from those anticipated by the Company and described in the
forward-looking statements contained in this press release. No
assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of
them do so, what benefits the Company will derive there from. The
forward-looking statements contained in this news release are made
as at the date of this news release and the Company does not
undertake any obligation to update publicly or to revise any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
securities laws.
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