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NOVONIX Ltd — Capital/Financing Update 2019
Dec 15, 2019
33557_rns_2019-12-15_d9ec0559-d959-407d-8e79-e37d0c68b961.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT (ASX: NVX )
16 December 2019
Share Purchase Plan following contract with Samsung SDI
NOVONIX Limited (ASX: NVX) (the Company ) advises that, following its conditional contract announced on 9 December 2006 with international battery manufacturer, Samsung SDI, it is undertaking a Share Purchase Plan (the Plan or SPP ). The issue price under the SPP will be $0.51 per share, which is a 20% discount to the Volume Weighted Average Market Price ( VWAP ) over the last 5 days on which sales of shares are recorded prior to the announcement of the SPP to ASX on 16 December 2019.
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:
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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
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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.
The indicative timetable is as follows:
| The indicative timetable is as follows: | |
|---|---|
| Record Date | 13 December 2019 |
| Announcement date | 16 December 2019 |
| Dispatch of offer booklet and application forms to Eligible ShareholdersOpeningdate for acceptances | 17 December 2019 |
| Closingdate for acceptances | 24 December 2019 |
| Announce results of SPP | 31 December 2019 |
| Issue SPP shares | 2 January2020 |
| Normal tradingof SPP shares commence | 3 January2020 |
| Dispatch of holdingstatements | 6 January2020 |
The above timetable is indicative and may change, subject to the Corporations Act and Listing Rules.
NOVONIX Limited (ASX: NVX) ACN 157 690 830 GPO Box 525 Brisbane Qld 4001 AUSTRALIA
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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.
This announcement has been authorised for release to the ASX by the Chairman, Tony Bellas, on behalf of the Board.
For further information, please contact:
Greg Baynton Philip St Baker Executive Director NOVONIX Managing Director NOVONIX Phone: +61 0414 970 566 Phone: +61 438 173 330 Email: [email protected] Email: [email protected]
ABOUT NOVONIX
NOVONIX LIMITED (ASX: NVX) 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 more than 14 countries.
NOVONIX's mission is to support the global deployment of Lithium Ion Battery technologies for a cleaner energy future.
NOVONIX Limited (ASX: NVX) ACN 157 690 830 GPO Box 525 Brisbane Qld 4001 AUSTRALIA