Share Purchase Plan following contract with Samsung SDI
Under the SPP, eligible shareholders, being those with registered address in Australia or New Zealand on 13 December 2019 (Record Date) (Eligible Shareholders), will be given the opportunity to purchase up to $30,000 worth of new shares in the Company at a discount and without incurring brokerage or transaction costs. Eligible Shareholders will be able to participate in the SPP by subscribing for shares in multiples of $5,000, subject to a scale back at the Directors' discretion and the Listing Rules.
The Company may, in its absolute discretion, scale back applications and the SPP is not underwritten. Funds raised from the SPP will be used as follows:
a) Approximately 70% of the proceeds from the SPP will be directed toward working capital to help fulfil the Samsung SDI contract (as announced to ASX on 9 December 2019) and assist the Company to build inventories ahead of first deliveries forecast for October 2020; and
b) Approximately 30% of the proceeds from the SPP will be directed towards continued R&D to improve manufacturing processes and products.
An offer booklet for the SPP will be mailed to eligible shareholders on or about 17 December 2019 and the SPP offer will close on 24 December 2019.
In conjunction with the SPP, the Company's directors have agreed to provide the Company with short term working capital funding of collectively up to $2,000,000. The funding will bring forward the availability of funding under the SPP and allow the Company to commence building inventories for Samsung SDI and continue R&D to improve manufacturing processes and products. The loans are unsecured, earn interest of 8% pa from the date of drawdown calculated on a daily basis, and are repayable upon the earlier of the Company raising sufficient funds through the SPP and 6 months. The loans may be only partially drawn-down, at the discretion of the Company.
To view the SPP Timetable, please visit:
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.