NextSource Materials Completes Oversubscribed Non-Brokered Private Placement
28 Octobre 2019 - 12:00PM
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) (“NextSource” or
the “Company”) announces it has completed a non-brokered
private placement offering (the “Offering”) of 29,077,768
units (the “Units”) at a price of CAD$0.045 per Unit for gross
proceeds of CAD$1,308,500.
The Offering was over-subscribed and received
substantial support from existing shareholders of the Company and
from management and directors.
Each Unit consists of one common share of the
Company and one-half common share purchase warrant (a “Warrant”),
with each full Warrant entitling the holder to acquire one
additional common share of the Company at a price of CAD$0.09 per
share for a period of 24 months. No finder fees or commissions were
paid inn association with the Offering.
Use of Proceeds
The net proceeds of the Offering will enable the
completion of graphite product testing, as requested by a major
international automotive company that has recently initiated
offtake discussions with the Company and will be used for general
and administrative expenses.
The Company is also working to secure additional
working capital and funding for the construction of the Molo
Graphite Project.
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.
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 fully permitted, feasibility-stage project that ranks
as one of the largest-known and highest quality flake graphite
deposits in the world and is the only project with SuperFlake®
graphite.
For further information contact:
+1.416.364.4911Brent Nykoliation, Senior Vice President, 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 and United States securities legislation.
Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking statements in this
release relate to the results of the 2019 Feasibility Study,
funding of the development of the Molo Project,
implementation and commencement of the build-out of the Molo
Project, commencement of production at the Molo Project,
commencement of procurement for mine infrastructure, the
procurement of equipment to construct a mine, value engineering,
any and all product test results and product analysis, and the
permit application. These are based on current expectations,
estimates and assumptions that involve a number of risks, which
could cause actual results to vary and in some instances to 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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