EnviroLeach Announces Increase in Private Placement

Rhea-AI Summary

EnviroLeach Technologies has announced an increase in its non-brokered private placement financing from 10 million to 17.5 million units at a price of $0.30 per unit, aiming for gross proceeds of up to $5.25 million. Each unit includes one common share and one purchase warrant priced at $0.50 for two years. The proceeds will finance feedstock for its PCB assembly processing facility and general working capital. The closing is expected by December 15, 2020, pending regulatory approvals.

Positive

• Increased financing from 10 million to 17.5 million units due to strong investor demand.
• Potential gross proceeds of up to $5.25 million to support operational growth.
• Warrants priced at $0.50 provide additional capital opportunity.
• Interest from directors and officers in purchasing units indicates confidence in the company.

Negative

• None.

Not for dissemination in the United States or for distribution to U.S. newswire services. This does not constitute an offer in the United States of the securities described.

VANCOUVER, BC / ACCESSWIRE / December 2, 2020 / EnviroLeach Technologies Inc., ("EnviroLeach"), (CSE:ETI) (OTCQB:EVLLF) (7N2:FSE) is pleased to announce that due to investor demand it has increasd the size of its previously announced non-brokered private placement financing (see news release dated November 27, 2020) from 10,000,000 units to 17,500,00 units at a price of $0.30 per unit for gross proceeds of up to $5,250,000. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.50 per share for a period of twenty-four months from the date of closing.

The proceeds of the Private Placement will be used for the acquisition of feedstock for EnviroLeach's printed circuit board assembly processing facility and general working capital. The Company may pay fees and issue share purchase warrants to certain finders equal to 7% of gross proceeds. The securities issued in connection with the Private Placement will be subject to a hold period of 4 months from the date of issuance. The Private Placement is expected to close on or before December 15, 2020 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals by the applicable securities regulatory authorities including the Canadian Securities Exchange. 

Certain directors and officers of the Company intend to purchase units under the Private Placement.

About EnviroLeach Technologies Inc.

EnviroLeach is an emerging leader in cost-effective and environmentally sustainable technologies for the extraction of valuable metals from conventional gold ores and end-of-life printed circuit board assemblies (PCBAs). Using its proprietary and patented water-based, near-neutral pH treatment process, the EnviroLeach formula extracts metals from mineral concentrates and E-Waste using only FDA approved additives operating under ambient conditions. The unique ability to re-use the EnviroLeach formula results in a cost-effective and sustainable alternative to the current use of cyanide and smelters.

Backed by the momentum of a first-class staff of scientists and engineers, tens of thousands individual tests and assays, independent validations, strategic partners and tens of thousands of hours in research and development, EnviroLeach's technology is emerging as a potential new standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the mining and E-Waste sectors. Further information is available on the EnviroLeach web site:https://EnviroLeach.com

Forward-Looking Statements

This News Release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and the United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our Research and Development activities, the accuracy of our capital and operating cost estimates; production and processing estimates; the results, the adequacy of EnviroLeach's financial resources and timing of development of ongoing research and development projects, costs and timing of future revenues or profits and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of EnviroLeach's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information. The CSE has not approved or disapproved of the information contained herein.

These securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Contact Information:

Jason Leikam
VP Corporate Development
EnviroLeach Technologies Inc.
info@EnviroLeach.com
(604) 282-0601

SOURCE: EnviroLeach Technologies Inc.

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FAQ

What is EnviroLeach Technologies' recent financing announcement?

EnviroLeach Technologies has increased its non-brokered private placement to 17.5 million units at $0.30 per unit, aiming for gross proceeds of up to $5.25 million.

What will the proceeds from the private placement be used for?

The proceeds will be used for acquiring feedstock for the PCB assembly processing facility and for general working capital.

When is the expected closing date for the private placement?

The private placement is expected to close on or before December 15, 2020, subject to regulatory approvals.

What is the price for the warrants included in the private placement?

Each warrant included in the private placement allows the purchase of an additional common share at a price of $0.50 for a period of 24 months.