Electra Closes Private Placements for Gross Proceeds of $21.5 Million, Including Exercise of Over-Allotment Option
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“Despite a backdrop of challenging market conditions, our ability to successfully close our financing and receive strong support from investors around the world for our unit offering is a testament to the progress we have made building excellent relationships with key stakeholders in the EV battery supply chain, demonstrating our black mass recycling capabilities, and attracting strategic investors to help advance development of our refinery complex,” said Trent Mell, Electra’s CEO. “With a strengthened balance sheet, we expect to build on our momentum in the months ahead as we work towards onshoring of the EV supply chain to North America.”
Under the terms of the Marketed Offering, the Company issued 15,000,000 units (“Units”), at a price of
Each Unit consists of one common share of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of
Electra 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.
In connection with the Marketed Offering and as consideration for their services, the Company paid to the Agents a cash commission of
4,545,454 Units were offered pursuant to the listed issuer financing exemption (the “Listed Issuer Financing Exemption”) as outlined in Part 5A of National Instrument 45-106 -- Prospectus Exemptions (“NI 45-106”). An offering document related to the portion of the Offering conducted under the Listed Issuer Financing Exemption has been filed on the Company’s profile on SEDAR+ at (www.sedarplus.ca). The balance of Units for the Offering were placed on a private placement basis to purchasers resident outside of
The Common Shares issuable from the sale of Units under the Listed Issuer Financing Exemption are not subject to a hold period in accordance with Canadian securities laws and are immediately freely tradeable if sold to purchasers resident in
NOT FOR RELEASE OR DISTRIBUTION IN
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, filed on SEDAR at www.sedar.com and with on EDGAR at www.sec.gov. Although Electra 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 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/20230809601232/en/
Joe Racanelli
Vice President, Investor Relations
info@ElectraBMC.com
1.416.900.3891
Source: Electra Battery Materials Corporation
FAQ
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