NextSource Materials Closes Final Tranche of Private Placement for Additional Gross Proceeds of CAD$720,800
NextSource Materials Closes Final Tranche of Private Placement for
Additional Gross Proceeds of CAD$720,800
Not for distribution to U.S. news wire services or for dissemination in the United States or to a U.S. Person.
NEWS RELEASE – TORONTO, November 13, 2024
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) (“NextSource” or the “Company”)
announces it has closed a second and final tranche of its previously announced non-brokered
private placement offering , issuing an additional 1,360,000 common shares of the Company
(“Shares”) at a price of CAD$0.53 per Share for aggregate gross proceeds of CAD$ 720,800 (the
“Offering”).
These additional net proceeds of the Offering are intended to be used primarily to progress the
Company’s strategy of a staged rollout of Battery Anode Facilities ( BAF) to produce active anode
material for EV batteries . Certain proceeds will also be used at the Molo Mine in connection with
Phase 2 expansion, working capital requirements as well as general and administrative expenses.
Finder fees of CAD$36,040 were paid in relation to the Offering.
The Shares will be subject to a hold period in Canada expiring four months and one day from the
date hereof.
The Company has obtained conditional approval from the Toronto Stock Exchange (the “TSX”) for
the listing of all Shares issued pursuant to the Offering. The Offering is subject to receipt of final
approval from the TSX.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the Shares in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This
press release does not constitute an offer of Shares for sale in the United States. The Shares
offered have not been, nor will they be, registered under the United States Securities Act of 1933 ,
as amended, and such Shares may not be offered or sold within the United States absent
registration under U.S. federal and state securities laws or an applicable exemption from such U.S.
registration requirements.
ABOUT NEXTSOURCE MATERIALS INC.
NextSource Materials Inc. is a battery materials development company based in Toronto, Canada
that is intent on becoming a vertically integrated global supplier of battery materials through the
mining and value-added processing of graphite and other minerals.
The Company’s Molo graphite project in Madagascar is one of the largest known and highest -
quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine
has begun production, with Phase 1 mine operations currently being opti mized to reach its
nameplate production capacity.
The Company is also developing a significant downstream graphite value -add business through
the staged rollout of Battery Anode Facilities capable of large -scale production of coated,
spheronized and purified graphite for direct delivery to battery and aut omotive customers, outside
of existing Asian supply chains, in a fully transparent and traceable manner.
NextSource Materials is listed on the Toronto Stock Exchange under the symbol “NEXT” and on
the OTCQB under the symbol “NSRCF".
Investors: Brent Nykoliation Executive Vice President +1.416.364.4911
Media: Michael Oke/Andy Mills +44 207 321 0000 [email protected]
CAUTIONARY NOTE
This press release contains statements that may constitute “forward -looking information” or “forward -looking statements”
within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place
undue reliance on forward-looking information or statements. Forward looking statements and information are frequently
characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible”
and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur. Forward -
looking statements include any statements regarding, among others, the terms and conditions of the Offering, including final
approval of the TSX in respect thereof; timing of on-site construction including the processing plant, process improvements
and mine plant adjustments as well as production estimates and timing thereof, the rollout of Battery Anode Facilities
including the capabilities and the timing thereof. These statements are based on current expectations, estimates and
assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ
materially from those anticipated by the Company and described in the forward-looking statements contained in this press
release. No assurance can be given that any of the events anticipated by the forward -looking statements will transpire or
occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained
in this news release are made as at the date of this news release and the Company does not undertake any obligation to
update publicly or to revise any of the forward -looking statements, whether because of n ew information, future events or
otherwise, except as may be required by applicable securities laws. Although the forward -looking statements contained in
this news release are based on what management believes are reasonable assumptions, the Company cannot assure
investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this
news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws,
the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect
events or circumstances occurring after the date of this news release.