Private Placement and Strengthening of Balance Sheet
- Private placement of A$4M completed through the issue of Ordinary Shares to Institutional Investors and Sophisticated investors, receiving strong demand.
- The funds raised through the issue of the Placement Shares will be used by the Company to fund a new in-house electrolyte development program, strategic opportunities in the battery testing services business and EV fast-charging sector and for further working capital to position the company for future growth opportunities.
- The placement funds are in addition to A$1M being invested by Mr Andrew Liveris and Admiral Robert Natter as previously announced, subject to Shareholder approval at the Company's upcoming AGM on 21 November 2017.
- 98% of Convertible Notes issued in April 2017 have been converted to Ordinary Shares in NOVONIX Limited, further strengthening the Company's balance sheet.
The placement follows the announcement of the future appointment of Andrew N. Liveris, AO and the recent appointment of Admiral Robert J. Natter, USN (Ret.) to its Board of Directors as further steps in the Company's downstream integration strategy and market entry plans. The placement funds are in addition to A$1M being invested by Mr Liveris and Admiral Natter previously announced, subject to Shareholder approval at the Company's AGM on 21 November 2017.
NOVONIX is also pleased to advise that its balance sheet has been further strengthened and simplified with 98% of Convertible Notes issued in April 2017 having been converted to Ordinary Shares, resulting in the elimination of a significant redemption liability that was due to mature in the second quarter of 2018.
The proceeds of the placement will fund the commencement of an in-house electrolyte development program (a potential complementary new product line), pursue strategic opportunities for NOVONIX Battery Testing Services including possibilities in the EV fastcharger sector, and to provide working capital for future growth opportunities.
NOVONIX Chairman, Mr Tony Bellas, said that the Board was pleased to have experienced strong demand for the placement that further strengthens the Company's balance sheet.
"The placement funds help position the Company for its next phase of growth, particularly when combined with the investments being made by Andrew Liveris and Admiral Natter, along with the early conversion of Convertible Notes to Ordinary Shares," Mr Bellas said.
KEY PLACEMENT DATES
Issue date (and receipt of settlement proceeds) - Friday, 3 November, 2017
Expected application to ASX for quotation of Placement Shares - Friday, 3 November, 2017
Expected quotation of Placement Shares - Monday, 6 November, 2017
About NOVONIX Ltd
NOVONIX Ltd (ASX:NVX) (FRA:GC3) is an integrated developer and supplier of high performance materials, equipment and services for the global lithium-ion battery industry with operations in the USA and Canada and sales in fourteen countries. NOVONIX is co-owner of the PUREgraphite anode material Joint Venture, headquartered in Chattanooga, Tennessee, USA. The Company also owns a world-class, large and high-grade natural graphite deposit in Australia.
NOVONIX's mission is to accelerate the adoption of batteries for a cleaner energy future.