08:51 AM EST, 12/17/2024 (MT Newswires) -- Nouveau Monde Graphite ( NMG ) rose 5.3% at last look Tuesday in NYSE pre-market trading as it secured US$50 million in equity investments from Canada Growth Fund (CGF) and the government-backed Investissement Quebec (IQ).

Under the terms, CGF and IQ agreed to subscribe for shares in the capital of Nouveau Monde, which will issue 39,682,538 shares at US$1.26 per share.

For each share subscribed, the company will issue one warrant to each of CGF and IQ, which can be exercised at US$2.38 per share upon the occurrence of a positive final investment decision for the phase-2 Matawinie mine and the Becancour battery material plant in Quebec.

"This investment by Canada Growth Fund and Investissement Quebec will enable our team to make tangible advancements and place strategic orders in preparation for our project execution," said Eric Desaulniers, Nouveau Monde's founder, president and CEO.