NextSource Materials Inc 6-K, filed Mar 4, 2021
NextSource Materials Inc. (NSRCF)
6-K
2021-03-04
For: 2020-08-24
View Original
Added on
April 12, 2026
About this 6-K
NextSource Materials Inc filed this 6-K on March 4, 2021.
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the
month of August,
2020
Commission
File Number 000-51151
|
NEXTSOURCE MATERIALS INC.
|
|
(Translation
of registrant’s name into English)
|
|
1940-130 King Street West Toronto, Ontario, Canada M5X
2A2
|
|
(Address
of principal executive office)
|
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F
|
Form
20-F
|
☒
|
Form
40-F
|
☐
|
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(1):
|
Yes
|
☐
|
No
|
☒
|
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(7):
|
Yes
|
☐
|
No
|
☒
|
Exhibits
Press release dated
August 24, 2020 announcing Brett Whalen has become Chair of the
Board.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
NEXTSOURCE
MATERIALS INC.
|
|
|
|
|
|
|
|
|
Dated: March 4,
2021
|
By:
|
/s/ Marc Johnson
|
|
|
|
|
Marc
Johnson
|
|
|
|
|
Chief Financial Officer |
|
Exhibit 99.1
NextSource
Materials Announces New Chair of the Board
NEWS RELEASE – TORONTO, August 24, 2020
NextSource
Materials Inc.’s (TSX:NEXT) (OTCQB:NSRCF)
(“NextSource” or the “Company”) Molo
Graphite Project in Madagascar ranks as one of the largest-known
and highest quality flake graphite deposits in the world. The
Company continues to work towards advancing the development and
construction of mining infrastructure at the Molo
site.
In
furtherance of the Company’s efforts, NextSource is pleased
to announce that Brett Whalen, CFA, has been appointed Chair of the
Board effective immediately. Mr. Whalen takes over the role of
Chair from Dean Comand, who served as the Company’s chair
since December 2019. Mr. Comand remains committed advancing to the
Molo Graphite project and he will continue to serve as an
independent director of NextSource.
Mr.
Whalen, who joined the NextSource board on July 20th, 2020, brings over 20 years of
investment banking and M&A expertise, spending over 16 of those
years at Dundee Corporation (“Dundee Corp.”). During
his tenure at Dundee Corp., Mr. Whalen was directly involved in
completing approximately $2 billion in M&A deals and helped
raise over $10 billion dollars in capital for resource sector
companies.
In
addition to Mr. Whalen’s capital markets experience, he
brings significant general knowledge of the graphite, vanadium and
the battery materials industries that will assist in securing the
capital to build the Company’s Molo mine and accelerate
strategic plans for involvement in downstream value-added products
such as graphite foils and battery anode material.
Craig
Scherba, President and CEO commented, “I want to thank Dean
for his service as Chair and welcome Brett to his expanded role
with the Company. NextSource was fortunate to have had
Brett’s support while he was a portfolio manager at our
largest institutional investor and we look forward to his capital
markets expertise assisting at this pivotal time in the
Company’s development. NextSource remains focused on raising
the necessary capital to construct Phase 1 of the Molo Graphite
mine so the Company can realize production in
2021.”
NextSource
Implements Compensation Payment Deferral Plan and PSU
Policy
The
completion of a CAD$2,000,000 non-brokered private placement in
July 2020, which received substantial support from existing
shareholders, ensures the Company can operate well into 2021. To
extend existing cash resources as the Company works to secure
project specific financing, NextSource management has agreed to a
plan to defer compensation payment by up to 30 percent and until
total project financing has been secured.
In
recognition of the deferral and to further incentivize management
to expedite securing project financing upon the most favourable
terms, the board proposes to implement a Performance Share Units
(“PSU”) plan for management. The PSU grant will be
based on a Common Share value above the current market price and
subject to shareholder approval. The PSU grants will vest and only
be issued to management upon successfully achieving the full
project financing milestone. The total number of Common Shares
granted to each member of management as part of the PSU plan will
be commensurate to the respective compensation amount being
deferred. To further incentivize management to secure project
financing in a timely manner, the number of PSUs granted will be
reduced on certain deadline dates set out by the board if total
project financing has not been achieved by that date. The plan
provides that all PSUs will expire at the end of 18 months if total
project financing has not been secured by this date. Discussions with
mine financiers continue in efforts to secure the US$24M required
to fund Phase 1 production. Based on the most recent manufacturing
lead time estimate, construction of the mine infrastructure is
projected to take 9 months with commissioning of the Molo mine in
month 10.
About
NextSource Materials Inc.
NextSource
Materials Inc. is a mine development company based in Toronto,
Canada and is in the final development stage of its 100%-owned Molo
Graphite Project in southern Madagascar. The Molo Graphite Project
is a fully permitted, feasibility-stage project that ranks as one
of the largest- known and highest quality flake graphite deposits
in the world and is the only project with SuperFlake®
graphite.
The
Company will be utilizing an all-modular build approach to
constructing the Molo mine and in two production phases. Phase 1
will produce 17,000 tonnes per annum (“tpa”) over the
first two years of production and Phase 2 producing a total of
45,000 tpa by year three. Offtakes are in place for 100% of Phase 1
production.
For
further information contact: +1.416.364.4911
Brent
Nykoliation, Senior Vice President, Corporate Development at
brent@nextsourcematerials.com or Craig Scherba, President and CEO
at craig@nextsourcematerials.com
Safe Harbour: This press release contains statements that may
constitute “forward-looking statements” within the
meaning of applicable Canadian and United States securities
legislation. Readers are cautioned not to place undue reliance on
such forward-looking statements. Forward-looking statements in this
release relate to the results of the 2019 Feasibility Study,
funding of the development of the Molo Project, expectation and
timing of raising the mine capital, implementation and commencement
of the build-out of the Molo Project, commencement of production at
the Molo Project, commencement of procurement for mine
infrastructure, the procurement of equipment to construct a mine,
value engineering, any and all product test results, and the permit
application. These 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 as a result of new information,
future events or otherwise, except as may be required by applicable
securities laws.