ASX-listed battery material supplier NOVONIX is expected to be in front of fund managers on Tuesday, seeking up to $58 million in fresh capital.
NOVONIX was expected to launch a capital raising on Tuesday. Jim Rice
Street Talk understands the raising would be strucured as an $18 million placement and a $40 million accelerated non-renounceable entitlement offer and would be fully underwritten.
The offer would be priced at 29¢ a share. NOVONIX shares last traded at 66¢.
Morgans was sole lead manager on the deal.
The $86 million NOVONIX supplies materials, equipment and services to the global lithium battery market. It counts ex-Dow Chemical chief executive Andrew Liveris as a board member.
NOVONIX’s shares are trading up 112 per cent this month, after the company announced it had filed patent applications for a new method of manufacturing materials used in lithium batteries mid-way through May.
The company was expected to enter a trading halt on Tuesday morning.
