Novonix raises $32m from expanded share purchase plan
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The news: Battery technology company Novonix has raised $32.3 million in a heavily-oversubscribed share purchase plan for eligible retail shareholders.
The numbers: Novonix said it received applications worth $42.2 million, far in excess of the $5 million target announced by the company in November.
As a result, it increased the size of the raising to $32.3 million, with shares being issued at 60 cents a share. It will issue 53.9 million new SPP shares on Thursday, representing 8.7% of shares on issue.
Novonix shares are up 1.5%% to 67 cents in early trading on the ASX.
The context: The share purchase plan is part of a discounted capital raising by the company, under which it raised $44.4 million through a fully underwritten placement to institutional and sophisticated investors, and another $7.7 million from largest shareholder Phillips 66 through a conditional placement.
The proceeds will be used to order, install and commission key equipment required to achieve commercial production of 3,000 tonnes per annum at the Riverside facility in the US, which will become the first large-scale production site for synthetic graphite for the battery sector in North America.
The source: ASX announcement
