NG Energy International Corp. announced that it will receive $50 million in round of funding on February 8, 2024. The transaction include the participation from new lender Macquarie Group Limited. The company will issue loan and warrants in the transaction. The company will issue 20,742,857 bonus warrants, each bonus warrant will entitle to purchase one common share of the Company at an exercise price equal to $1.00 until December 29, 2028. Each bonus warrants and the common shares underlying the bonus warrants will be subject to a statutory four month hold period from the date of issuance in accordance with applicable securities laws. The company will raise additional $50 million as uncommitted funding. The transaction is subject to TSX Venture Exchange approval.

On the same date, the company has received its first tranche $40 million.