PW was right, Novonix's $58million CR was significantly oversubscribed. Again the 1Million Mile Battery is mentioned and that two essential requirements are found within Novonix.

"The Institutional Entitlement Offer was well-supported by existing and new Institutional investors with an interest in the lithium-ion battery sector, with demand significantly in excess of the amount sought to be raised by NVX."

Mr Trevor St Baker's comments below highlight the global impact Novonix will have for Electric Vehicles and Grid Storage. Hence the SBIF Fund's significant investment in Novonix.

"NOVONIX's nimble management and research team, based in North America, includes some of the leading battery scientists in the world.

NOVONIX already makes the highest-precision battery testing equipment available worldwide, which helps it to rapidly test new materials, makes batteries in-house, and is developing high-performance battery materials."

"We are confident that NOVONIX has a leading product in anode materials, with a supply contract with SAMSUNG SDI, along with a promising new manufacturing technology for the cathode market."

"These are two of the essential requirements for the quest for a 'million-mile battery', and they are found here within the same company - NOVONIX," Trevor St Baker said.

https://au.finance.yahoo.com/news/novonix-ltd-asx-nvx-successful-051100751.html

NOVONIX Ltd (ASX:NVX) Successful Completion of Institutional Equity Raising

ABN Newswire29 May 2020

Brisbane, Australia, May 29, 2020 - (ABN Newswire) - NOVONIX Limited (ASX:NVX.AX - News) (HAM:GC3.F - News) is conducting a fully underwritten ~$58.28 million equity raising via:

(a) a placement to institutional and sophisticated investors to raise $5.65 million (Institutional Placement);

(b) subject to shareholder approval, a placement to St Baker Energy Innovation Fund (SBIF) to raise between $14.72 million and $19.45 million (Strategic Placement); and

(c) an accelerated non-renounceable offer of 1 New Share for every 1 existing NOVONIX ordinary Share at $0.29 per New Share to raise approximately $37.91 million (before direct offer costs) (Entitlement Offer), (together, the Equity Raising).

The Entitlement Offer comprises an accelerated institutional component (Institutional Entitlement Offer) and a retail component (Retail Entitlement Offer).

A total of approximately 82.69 million New Shares will be issued to successful applicants under the Institutional Placement and the Institutional Entitlement Offer at an issue price of $0.29 per New Share (Offer Price). Those funds, totaling approximately $23.98 million, will be available to NVX on or about 4 June 2020.

Proceeds from the fully underwritten Retail Entitlement Offer will be available to NVX on or about 25 June 2020.

Morgans Corporate Limited ACN 010 539 607 is acting as lead manager and underwriter to the Equity Raising.

The issue of Shares under the Strategic Placement remains subject to shareholder approval to be sought at NVX's general meeting to be held on 30 June 2020.

Successful completion of the Institutional Placement and the Institutional Entitlement Offer

The Institutional Entitlement Offer was well-supported by existing and new Institutional investors with an interest in the lithium-ion battery sector, with demand significantly in excess of the amount sought to be raised by NVX. All Directors were accepting their entitlements (or in the case of Mr Robert Natter, a foreign based director, agreeing to sub-underwrite part of the Entitlement Offer), with some larger holders not participating in full in order to allow broader Institutional investor participation and to enhance liquidity. The Institutional Entitlement Offer included the entitlements that were offered by the large shareholders and received participation by eligible institutional shareholders of over 25%.

The Institutional Placement, attracted demand from new and existing institutional and sophisticated investors, with demand significantly in excess of the amount sought to be raised by NOVONIX.

As a result of the successful completion of the Institutional Placement and the Institutional Entitlement Offer, NOVONIX shares will recommence normal trading on an ex entitlement basis from today, 29 May 2020 following the release of this announcement to ASX.

St Baker Energy Innovation Fund - Strategic Investment

SBIF has agreed, subject to shareholder approval, to sub-underwrite the Entitlement Offer for up to 16,330,023 shares, with its obligation to subscribe for shares under the Strategic Placement reduced to the extent it is issued shortfall shares under its sub-underwriting of the Entitlement Offer. SBIF will not receive any sub-underwriting fee and will not, as a result of the sub-underwriting and the Strategic Placement, hold more than 19.9% of NOVONIX's issued share capital following the completion of the Equity Raising.

Trevor St Baker AO, founder of ERM Power Limited and the St Baker Energy Innovation Fund said that the Fund was taking a strategic stake in NOVONIX as a result of its strong interest in the global electrification of the transport sector.

"Our investment in NOVONIX is very complementary to our expanding portfolio in this area and in renewable energy technologies."

"NOVONIX is building best-in-class materials to make better and cheaper longer-life batteries that will help accelerate adoption of battery technologies to support the adoption of electric vehicles and cleaner energy technologies throughout the world.

"The batteries on wheels with the electrification of the transport sector will be a much more economic contributor to the uptake of intermittent wind and solar generation than all the futuristic new technologies being touted by government grant 'rent-seekers'".

"NOVONIX is building best-in-class materials to make better and cheaper longer-life batteries that will help accelerate adoption of battery technologies to support the adoption of electric vehicles and cleaner energy technologies throughout the world.

"The batteries on wheels with the electrification of the transport sector will be a much more economic contributor to the uptake of intermittent wind and solar generation than all the futuristic new technologies being touted by government grant 'rent-seekers'".

"NOVONIX's nimble management and research team, based in North America, includes some of the leading battery scientists in the world.

NOVONIX already makes the highest-precision battery testing equipment available worldwide, which helps it to rapidly test new materials, makes batteries in-house, and is developing high-performance battery materials."

"We are confident that NOVONIX has a leading product in anode materials, with a supply contract with SAMSUNG SDI, along with a promising new manufacturing technology for the cathode market."

"These are two of the essential requirements for the quest for a 'million-mile battery', and they are found here within the same company - NOVONIX," Trevor St Baker said.