Electra Announces Upsized Brokered Private Placement and Coincident Non-Brokered Placement for Gross Proceeds of up to $21.5 Million
- Electra Battery Materials Corporation has increased the potential allocation of its brokered private placement due to significant investor demand.
- None.
NOT FOR DISTRIBUTION TO
Each Unit will continue to consist of one common share of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at a price of
The Company has granted to the Agents an option, exercisable up to 48 hours prior to the Closing Date, to sell up to an additional 1,363,636 Units at the Issue Price for additional gross proceeds of up to
The Offering no longer includes, nor is conditional upon, a strategic investment commitment by Three Fires Group Inc. as originally announced by the Company on June 26, 2023. The Company and Three Fires continue to work towards a joint black mass recycling strategy, including Three Fires board representation with Electra, a primary recycling facility joint venture for the shredding of lithium-ion battery waste, and a future strategic investment.
The Company intends to use the net proceeds of the Offering to advance its black mass recycling strategy, its cobalt refinery, for working capital to retire existing payables and general corporate purposes.
The Offering is scheduled to close during the week of August 7, 2023 (the “Closing Date”) and is subject to customary conditions including the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange and notification to The Nasdaq Stock Market.
As consideration for their services, at the Closing Date, the Company shall pay to the Agents a cash commission equal to
The Units are being offered on a private placement basis to purchasers in each of the provinces of
The Common Shares issuable from the sale of up to 4,545,454 Units under the Listed Issuer Financing Exemption will not be subject to a hold period in accordance with Canadian securities laws and are expected to be immediately freely tradeable if sold to purchasers resident in
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
This announcement has been prepared for publication in
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery materials.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects', “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Such forward-looking statements include, without limitation, statements regarding the size, pricing, terms, and timing of closing of the Offering, the receipt of all necessary approvals, and the expected use of proceeds. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com and with on EDGAR at www.sec.gov. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230803576287/en/
Joe Racanelli
Vice President, Investor Relations
info@ElectraBMC.com
1.416.900.3891
Source: Electra Battery Materials Corporation
FAQ
What is the price per unit in the brokered private placement?
When is the offering scheduled to close?