EnviroLeach  Announces Private Placement

Rhea-AI Summary

EnviroLeach Technologies Inc. has announced a non-brokered private placement to raise up to $3 million by offering 10 million units at a price of $0.30 per unit. Each unit consists of one common share and one purchase warrant, allowing the purchase of additional shares at $0.50 over 24 months. Proceeds will fund feedstock acquisition for its Vancouver processing facility and general working capital. The private placement is expected to close on December 15, 2020, pending necessary approvals.

Positive

• Expected raise of up to $3 million for growth and operations.
• Warrants provide potential upside for investors with an additional purchase option.

Negative

• None.

Not for Distribution to United States Newswire Services or for Dissemination in the United States

VANCOUVER, BC / ACCESSWIRE /  November 27, 2020 / EnviroLeach Technologies Inc., ("EnviroLeach"), (CSE:ETI)(OTCQB:EVLLF)(FSE:7N2) a technology company specializing in precious metal extraction processes with applications in the primary and secondary metals sectors, announces a non-brokered private placement (the "Private Placement") of up to 10,000,000 units at a price of $0.30 per unit for gross proceeds of up to $3,000,000. 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 utilized for the acquisition of feedstock for its Vancouver printed circuit board assembly processing facility and general working capital. The securities to be issued under the placement will be subject to a four-month hold period. The Private Placement is expected to close on or about 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.

View source version on accesswire.com:
https://www.accesswire.com/618553/EnviroLeach-Announces-Private-Placement

FAQ

What is the purpose of EnviroLeach's private placement?

The private placement aims to raise up to $3 million to fund feedstock acquisition and general working capital.

What are the details of the units being offered in the private placement?

Each unit consists of one common share and one common share purchase warrant at a price of $0.30 per unit.

When is the expected closing date for the private placement?

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

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

Proceeds will be utilized for acquiring feedstock for the Vancouver processing facility and for general working capital.

Is the private placement open to U.S. investors?

No, the securities offered are not registered under the U.S. Securities Act and cannot be sold to U.S. persons.