EnviroMetal Announces Non-Brokered Private Placement

Rhea-AI Summary

EnviroMetal Technologies Inc. announced a non-brokered private placement of up to 25 million units at $0.08 per unit, aiming for gross proceeds of $2 million. Each unit includes one common share and a purchase warrant, allowing investors to buy additional shares at $0.15 for the first year and $0.24 for the second year. Funds will support engineering studies and the deployment of the company's sustainable gold recovery technology. The offering is expected to close on December 16, 2022, pending regulatory approvals.

Positive

• Private placement of up to $2 million to support gold recovery technology.
• Potential for future revenue through the deployment of sustainable processes.
• Warrants provide investors with options to purchase shares at increasing prices.

Negative

• Risk of dilution for existing shareholders due to issuance of new shares.

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

VANCOUVER, BC / ACCESSWIRE / November 22, 2022 / EnviroMetal Technologies Inc. ("EnviroMetal" or the "Company"), (CSE:ETI) (OTCQX:EVLLF) (7N2:FSE) a technology company specializing in precious metal extraction processes with applications in the primary and secondary metals industries, announces a non-brokered private placement (the "Private Placement") of up to 25,000,000 units at a price of $0.08 per unit for gross proceeds of up to $2,000,000. 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 for a two year period following the date of closing at a price of of $0.15 per share for the initial twelve month period from the date of closing, and thereafter $0.24 per share for the remaining twelve months.

The proceeds of the Private Placement will be utilized for engineering and design studies as well as other work required in to support the pilot/commercial scale deployment of the Company's sustainable gold recovery technology at client sites and general working capital. The securities issued under the placement will be subject to a four-month hold period. The Private Placement is expected to close on or about December 16, 2022, 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. Subject to regulatory approval, the Company may increase the size of the Private Placement.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About EnviroMetal Technologies Inc.

EnviroMetal Technologies is engaged in the development and commercialization of environmentally friendly formulas and technologies for the treatment of materials in the primary and secondary metals industries. Using its proprietary non-cyanide, water-based, neutral pH treatment process, EnviroMetal extracts precious metals from ores, concentrates, and other gold bearing materials. More information on the Company can be found at https://EnviroMetal.com and on SEDAR.

Contact Information:

Jason Leikam
VP Business Development
EnviroMetal Technologies Inc.
info@EnviroMetal.com
(604) 428-2400 x 104

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 concerning our Research and Development activities, the accuracy of our capital and operating cost estimates; production and processing estimates; the results, the adequacy of EnviroMetal'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 concerning 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 EnviroMetal'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.

SOURCE: EnviroMetal Technologies Inc.

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FAQ

What is EnviroMetal Technologies' recent private placement news?

EnviroMetal announced a private placement of up to 25 million units at $0.08 per unit, targeting $2 million in gross proceeds.

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

The proceeds will be used for engineering studies and the deployment of sustainable gold recovery technology.

When is the private placement expected to close?

The private placement is expected to close on December 16, 2022, subject to regulatory approvals.

What is the price for the purchase warrants in the EnviroMetal placement?

The warrants allow investors to purchase additional shares at $0.15 for the first year and $0.24 for the second year.