EnviroMetal Closes Second Tranche of Increased Non-brokered Private Placement for Total Proceeds of $3,540,614

Rhea-AI Summary

EnviroMetal Technologies Inc. has successfully completed the second tranche of its non-brokered private placement, raising $284,114 by issuing 1,136,456 units at $0.25 per unit. The total gross proceeds from the offering amount to $3,540,614 from 14,162,456 units. Each unit comprises one common share and one warrant, priced at $0.50 until March 31, 2024. Funds will support acquisitions for processing facilities, development, and working capital, with final acceptance pending from the Canadian Securities Exchange.

Positive

• Total gross proceeds from the offering reached $3,540,614.
• Proceeds will be utilized for strategic development in processing and working capital.

Negative

• The offering included finders' fees of $59,455, potentially impacting net capital raised.

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

VANCOUVER, BC / ACCESSWIRE / April 4, 2022 / EnviroMetal Technologies Inc. ("EnviroMetal" or the "Company") (CSE:ETI; OTCQX:EVLLF; FSE:7N2), is pleased to announce that further to its news release dated February 23, 2022, the Company has completed the second and final tranche of its non-brokered private placement (the "Offering") by issuing 1,136,456 units ("Unit") at a price of $0.25 per Unit for total gross proceeds of $284,114. In total, the Company received subscriptions for 14,162,456 Units for gross proceeds of $3,540,614.

Second Tranche Terms

Each Unit consists of one common share in the capital of the Company and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one common share in the capital of the Company at a price of $0.50 at any time prior to 5:00 pm PST on March 31, 2024. The expiry date of the Warrants is subject to acceleration as follows: if at any time after July 30, 2022, the closing price (or closing bid price on days when there are no trades) of the common shares on the Canadian Securities Exchange exceeds $1.50 for 15 consecutive trading days, then the Corporation may send Warrant holders notice of acceleration of the expiry date ("Amended Expiry Date") and issue a news release announcing the Amended Expiry Date. The Amended Expiry Date will be no less than 30 days after the date of the news release, which will also be indicated in the notice sent to the Warrant holders. The securities issued in connection with the second tranche of the Offering are subject to a hold period under Canadian securities legislation which will expire on July 31, 2022.

The Company paid $16,375 in cash finders' fees and issued 65,500 finder's warrants ("Finder's Warrant") in connection with the second tranche of the Offering. Each Finder's Warrant entitles the holder to purchase one common share at a price of $0.50 until March 31, 2024. In total, the Company paid $59,455 in finders' fees and issued 237,800 Finder's Warrants in connection with the Offering.

The proceeds of the Private Placement will be used for the acquisition of feedstock for EnviroMetal's printed circuit board assembly processing facility, advanced mineral processing plant development, continued business development, and general working capital. The completion of this private placement remains subject to final acceptance by the Canadian Securities Exchange.

This press 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 or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.

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 and non-precious metals from ores, concentrates, and electronic waste ("E-Waste"). Backed by the momentum of a first-class staff of scientists and engineers, a myriad of individual tests and assays, independent validations, and tens of thousands of hours in research and development, EnviroMetal's technology is emerging as a potential new eco-friendly standard for the hydrometallurgical extraction of precious metals in both the mining and E-Waste industries.

For more information please visit: https://EnviroMetal.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 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.

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

SOURCE: EnviroMetal Technologies Inc.

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FAQ

What was the total amount raised in EnviroMetal Technologies' private placement on April 4, 2022?

EnviroMetal Technologies raised a total of $3,540,614 in its private placement.

When do the warrants issued by EnviroMetal Technologies expire?

The warrants expire on March 31, 2024.

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

The proceeds will be used for acquisition of feedstock, advanced mineral processing plant development, and working capital.

What was the price per unit in the second tranche of EnviroMetal's private placement?

The price per unit was $0.25.

Is there a hold period for the securities issued in EnviroMetal's private placement?

Yes, the securities are subject to a hold period until July 31, 2022.