08:09:44 EDT Fri 29 Mar 2024
Enter Symbol
or Name
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Elcora Resources Corp
Symbol ERA
Shares Issued 41,648,909
Close 2014-10-29 C$ 0.19
Market Cap C$ 7,913,293
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Elcora Resources appoints Lifton to new advisory board

2014-10-30 11:15 ET - News Release

Mr. Troy Grant reports

ELCORA RESOURCES APPOINTS JACK LIFTON TO ADVISORY BOARD AND PRIVATE PLACEMENT UPDATE

Elcora Resources Corp. has created an advisory board and appointed Jack Lifton to the board.

Elcora has established an advisory board to bring added technical and marketing depth to support its management team. Mr. Lifton has accepted the first appointment to Elcora's advisory board, and will assist in developing the company's graphite and graphene end-users client base.

Mr. Lifton is a physical chemist specializing in high-temperature metallurgy, particularly the ultrapurification of metals and materials for electronics, and is the co-founder of the informational website, Technology Metals Research LLC, which was launched 2010.

Upon retiring as chief executive officer of an original equipment manufacturer automotive production materials supplier in 1999, Mr. Lifton founded Jack Lifton LLC, a business operations consultancy. Mr. Lifton is also an author and lecturer on the market fundamentals of "technology metals and materials," a term that he coined in 2007 to describe those strategic rare metals and materials whose electronic properties make the technological society possible.

Technology metals and materials include the metals and materials that enable electronic communication, data processing and alternate energy production. Mr. Lifton originated the concept that there are two classes of technology metals and materials: a) the key technology metals and materials, principally copper but also including lead and graphite, that are produced in the millions of tons per year; and b) the core technology metals and materials such as the rare earths, lithium, germanium, gallium, indium, zirconium, hafnium, selenium, tellurium, rhenium, platinum, palladium, rhodium and silver that are produced in only the tens of thousands of tons per year, and in some cases very much less than that.

Troy Grant, president and CEO of Elcora, stated: "We are extremely pleased to welcome Jack Lifton as the first member of our newly created advisory board, which we will use to bring added technical and marketing depth to support our management team. Jack will advise and assist us as we develop Elcora's graphene division. Jack shares our vision and enthusiasm for the Regedara project, and for our stated corporate goals, including the vertical integration of graphite exploration and extraction, and the future potential for high-end graphite products including graphene. His decades of experience will provide great stewardship, and his relationships with end-users and others in the graphite and graphene spaces provide invaluable contact as Elcora moves forward."

"I am pleased to join the company as a technical adviser on business operations and marketing," comments Mr. Lifton. "I congratulate Elcora on its choice of business model. I look forward to working with Elcora's management team."

Private placement update

On Aug. 27, 2014, Sept. 11, 2014, and Oct. 9, 2014, Elcora announced closings of a private placement in three tranches for aggregate amount of $928,425 via the issuance of 2,652,643 units at 35 cents per unit. The company also announced agent's fees of 6 per cent ($44,068, of which $30,370 is to be paid via the issuance of 83,400 shares at 35 cents) and 53,438 agent's warrants exercisable at 35 cents for 18 months.

Elcora is now announcing a change to the private placement disclosed on Oct. 9, 2014, namely the final amount raised was $925,625 (2,644,643 units at 35 cents) instead of $928,425 (2,652,643 units at 35 cents). Additionally, the fees payable to the agents have changed and are now 6 per cent in cash totalling $43,648, of which $29,190 will be settled by the issuance of 83,400 common shares at an issue price of 35 cents. Elcora will also issue 152,680 agent's warrants (8 per cent) exercisable at 35 cents per share for 18 months. The issuance of the shares in lieu of cash commissions and the issuance of the agent's warrants remain subject to regulatory approval.

Elcora's vice-president, processing and refining, Dr. Ian Flint, PEng, is the qualified person as defined under National Instrument 43-101 who has reviewed and is responsible for the technical information presented in this news release.

We seek Safe Harbor.

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