Working Capital Raised - $5.5M Convertible Loan Note Placement
- NOVONIX has completed a $5.5m Convertible Loan Note issue
- The funds provide additional working capital for the group as the PUREgraphite business transitions into production, sales and to an expected positive cashflow position in CY19
Key Loan Note Terms
- Unsecured loan note issued at AUD $0.60 per note;
- Coupon 10% per annum capitalised over a term of 24 months;
- Convertible at the option of the holder on 1 for 1 basis;
- Redeemable by NVX at any time (with 5 business days' notice), subject to payment of the first 13 months interest plus accrued interest if redeemed after 13 months'
- The notes are not listed or tradeable; and
- Settlement on or before Friday, 10 August 2018
The Convertible Loan Note structure is closely based on the Convertible Loan Notes issued by the Company during 2017, all of which were converted to Ordinary Shares prior to expiry date. NOVONIX intends to issue the Convertible Loan Notes under Listing Rule 7.1.
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 14 countries.
NOVONIX is majority-owner of the PUREgraphite battery anode material Joint Venture, headquartered in Chattanooga, Tennessee, USA.
NOVONIX's mission is to accelerate the adoption of batteries for a cleaner energy future.