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Electric Metals Announces Private Placement Offering

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Electric Metals (USA) (TSXV:EML)(OTCQB:EMUSF) announces a non-brokered private placement offering of up to 10,000,000 common shares at CAD$0.10 per share, aiming to raise maximum gross proceeds of CAD$1,000,000. The proceeds will fund the Emily Manganese Project initiatives, including a mine scoping study, HPMSM plant studies, environmental baseline work, and working capital. The offering is expected to close around November 29, 2024, subject to TSXV approval. Company insiders may participate in the offering, which would constitute a related party transaction under MI 61-101.

Electric Metals (USA) (TSXV:EML)(OTCQB:EMUSF) annuncia un'offerta di collocamento privato non intermediata di fino a 10.000.000 di azioni ordinarie a CAD$0,10 per azione, con l'obiettivo di raccogliere un massimo di CAD$1.000.000. I proventi verranno utilizzati per finanziare le iniziative del Progetto di Manganese Emily, inclusi uno studio di fattibilità per la miniera, studi per l'impianto HPMSM, lavori di baseline ambientale e capitale circolante. Si prevede che l'offerta si chiuderà intorno al 29 novembre 2024, soggetta all'approvazione del TSXV. I dirigenti dell'azienda possono partecipare all'offerta, che costituirebbe una transazione tra parti correlate ai sensi della MI 61-101.

Electric Metals (USA) (TSXV:EML)(OTCQB:EMUSF) anuncia una oferta de colocación privada no intermediada de hasta 10,000,000 de acciones ordinarias a CAD$0.10 por acción, con el objetivo de recaudar un máximo de CAD$1,000,000. Los fondos se destinarán a financiar las iniciativas del Proyecto de Manganeso Emily, incluidos un estudio de viabilidad de la mina, estudios de la planta HPMSM, trabajo de línea base ambiental y capital de trabajo. Se espera que la oferta se cierre alrededor del 29 de noviembre de 2024, sujeto a la aprobación de TSXV. Los miembros de la empresa pueden participar en la oferta, lo que constituiría una transacción entre partes relacionadas bajo la MI 61-101.

Electric Metals (USA) (TSXV:EML)(OTCQB:EMUSF)가 중개 없이 최대 10,000,000주를 CAD$0.10 주당에 사모 배정할 계획을 발표하며, 최대 CAD$1,000,000의 자금을 모으는 것을 목표로 하고 있습니다. 이 자금은 에밀리 망간 프로젝트의 이니셔티브를 지원하는 데 사용될 예정이며, 여기에는 광산 타당성 조사, HPMSM 공장 연구, 환경 기준 작업 및 운영 자본이 포함됩니다. 이 제안은 2024년 11월 29일경 마감될 예정이며, TSXV의 승인을 받아야 합니다. 회사 내부자는 제안에 참여할 수 있으며, 이는 MI 61-101에 따라 관련 당사자 거래로 간주될 수 있습니다.

Electric Metals (USA) (TSXV:EML)(OTCQB:EMUSF) annonce une offre de placement privé non intermédiée d'un maximum de 10 000 000 d'actions ordinaires à CAD$0,10 par action, visant à lever un produit brut maximal de CAD$1 000 000. Les fonds serviront à financer les initiatives du Projet de Manganèse Emily, y compris une étude de faisabilité minière, des études d'usine HPMSM, des travaux de référence environnementale et du fonds de roulement. L'offre devrait se clôturer aux alentours du 29 novembre 2024, sous réserve de l'approbation de la TSXV. Les initiés de la société peuvent participer à l'offre, ce qui constituerait une transaction entre parties liées en vertu de la MI 61-101.

Electric Metals (USA) (TSXV:EML)(OTCQB:EMUSF) kündigt ein nicht vermittels Privatplatzierungsangebot von bis zu 10.000.000 Stammaktien zu einem Preis von CAD$0,10 pro Aktie an, um einen maximalen Bruttoerlös von CAD$1.000.000 zu erzielen. Die Erlöse werden zur Finanzierung der Initiativen des Emily-Mangan-Projekts verwendet, einschließlich einer Machbarkeitsstudie für die Mine, Studien zur HPMSM-Anlage, umweltbezogener Basisarbeiten und Betriebskapital. Das Angebot wird voraussichtlich um den 29. November 2024 schließen, vorbehaltlich der Genehmigung durch die TSXV. Die Firmeninsider können an dem Angebot teilnehmen, was eine Transaktion zwischen verbundenen Parteien gemäß MI 61-101 darstellen würde.

Positive
  • Securing up to CAD$1,000,000 in additional funding
  • Funds allocated to advance critical project development initiatives
Negative
  • Potential shareholder dilution through issuance of 10,000,000 new shares
  • Share price set at relatively low CAD$0.10 per share

Not for distribution to U.S. news wire services or dissemination in the United States.

TORONTO, ON / ACCESSWIRE / October 31, 2024 / Electric Metals (USA) Limited ("EML" or the "Company") (TSXV:EML)(OTCQB:EMUSF) is pleased to announce its intention to complete a non-brokered private placement of up to a maximum of 10,000,000 common shares of the Company (a "Share") at a price of CAD$0.10 per Share for maximum gross proceeds of CAD$1,000,000 (the "Offering").

The Shares issued under the Offering may be subject to hold periods in accordance with applicable laws and stock exchange policies. EML intends to allocate the Offering proceeds to advance key initiatives, including a mine scoping study, various studies related to our HPMSM plant, environmental baseline work, other critical research at our Emily Manganese Project, and general working capital purposes.

The closing of the Offering is expected to occur on or about November 29, 2024, or such other date or dates as the Company may determine and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the "TSXV").

The Company may engage one or more agents or finders in connection with the Offering and may pay such parties fees as may be agreed between the Company and such parties.

The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities referenced in this press release, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Certain insiders of the Company may acquire Shares in the Offering. Any participation by insiders in the Offering would constitute a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value subscribed for by the insiders under the Offering, nor the consideration for the Shares paid by such insiders, will exceed 25% of the Company's market capitalization.

A material change report including details with respect to the related party transaction is not expected to be able to be filed less than 21 days prior to the closing of the Offering as the Company has not received confirmation of the participation of insiders in the Offering and the Company deems it reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner.

About Electric Metals (USA) Limited

Electric Metals (USA) Limited (TSXV: EML) (OTCQB: EMUSF) is a US-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. The Company's principal asset is the Emily Manganese Project in Minnesota, the highest-grade manganese deposit in North America, which has been the subject of considerable technical studies, including National Instrument 43-101 Technical Reports - Resource Estimates. The Company's mission in Minnesota is to become a domestic US producer of high-value, high-purity manganese metal and chemical products to supply the North American electric vehicle battery, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no current domestic supply or active mines for manganese in North America, the development of the Emily Manganese Project represents a significant opportunity for America, the State of Minnesota and for the Company's shareholders.

For further information, please contact:

Electric Metals (USA) Limited
Brian Savage
CEO & Director
(303) 656-9197

or

Valerie Kimball
Director Investor Relations
720-933-1150
info@electricmetals.com

Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions.

Such statements in this news release include, without limitation: the ability of the Company to complete the Offering; the size, terms and timing of the Offering; participation in the Offering by insiders of the Company; the timing and receipt of TSXV and other approvals required in connection with the Offering; the intended use of proceeds of the Offering; the Company's mission to become a domestic US producer of high-value, high-purity manganese metal and chemical products to supply the North American electric vehicle battery, technology and industrial markets; that manganese will continue to play a critical and prominent role in lithium-ion battery formulations; that with no current domestic supply or active mines for manganese in North America, the development of the Emily Manganese Project represents a significant opportunity for America, Minnesota and for the Company's shareholders; and planned or potential developments in ongoing work by Electric Metals.

These statements address future events and conditions and so involve inherent risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such risks include, but are not limited to, the failure to obtain all necessary stock exchange and regulatory approvals; investor interest in participating in the Offering; and risks related to the exploration and other plans of the Company. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, updated conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

Neither 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.

SOURCE: Electric Metals (USA) Limited



View the original press release on accesswire.com

FAQ

What is the size of Electric Metals' (EMUSF) October 2024 private placement offering?

Electric Metals is offering up to 10,000,000 common shares at CAD$0.10 per share, aiming to raise maximum gross proceeds of CAD$1,000,000.

How will Electric Metals (EMUSF) use the proceeds from its 2024 private placement?

The proceeds will fund the Emily Manganese Project initiatives, including mine scoping study, HPMSM plant studies, environmental baseline work, and working capital.

When is the expected closing date for Electric Metals' (EMUSF) private placement?

The offering is expected to close on or about November 29, 2024, subject to TSXV approval.

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