Mr. Jason Leikam reports
ENVIROMETAL ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Envirometal Technologies Inc. has arranged a non-brokered private placement of up to 20 million units at a price of five cents per unit for gross proceeds of up to $1-million. 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 10 cents for the initial 12-month period from the date of closing, and thereafter 15 cents per share for the remaining 12 months.
The proceeds of the private placement will be used for engineering and design studies, project development of a commercial demonstration 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 Oct. 20, 2023, 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.
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.
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