Mr. Chris Doornbos reports
E3 Metals Corp. has closed its non-brokered private placement financing announced on Dec. 17, 2018. Under the offering, the company has issued 307,500 units of the company at a price of 40 cents per unit for gross proceeds of $123,000. Each unit comprises one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one share with an exercise price of 60 cents for a period of 18 months following the date of issuance.
In accordance with applicable securities laws and the policies of the TSX Venture Exchange, the company paid an aggregate $2,000 in cash commission and issued an aggregate 10,000 broker warrants, on the same terms as the warrants, in connection with the offering.
All securities issued are subject to a hold period under applicable securities laws in Canada expiring on four months and a day from issuance.
E3 Metals will use the net proceeds of the offering to accelerate the progression of its proprietary lithium extraction technology and for general and working capital expenses.
In addition, the company granted stock options to officers of the company for the purchase of up to 175,000 shares of the company at an exercise price of 40 cents per share for a period of three years. The options will vest in 50-per-cent tranches quarterly, beginning three months from grant, in accordance with the policies of the TSX Venture Exchange. The stock option issuance remains subject to TSX-V approval.
About E3 Metals Corp.
E3 Metals is a petro-lithium company rapidly advancing the development of direct recovery lithium brine projects in Alberta. E3 Metals holds lithium resources at 6.7 million tonnes lithium carbonate (inferred).
We seek Safe Harbor.
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