05:51:43 EDT Sat 19 Sep 2020
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or Name

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E3 Metals Corp
Symbol ETMC
Shares Issued 25,073,985
Close 2019-11-20 C$ 0.42
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E3 Metals arranges $3-million private placement

2019-11-20 17:05 ET - News Release

Mr. Chris Doornbos reports


E3 Metals Corp. has arranged a non-brokered private placement of up to 7.5 million units of the company at a price of 40 cents per unit for gross proceeds of up to $3-million. Each unit comprises one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of 60 cents per warrant share for a period of two years and six months from closing. If, at any time between the date that is six months from the closing date and the expiry date, the closing price of the common shares on the TSX Venture Exchange is equal to or greater than $1 for 10 consecutive trading days, then the corporation may, at is sole option, elect to provide notice to the holders of the warrants by news release that the warrants will expire at 4 p.m. Pacific Standard Time on the date that is 30 days from the date of the acceleration notice. In such instance, all warrants that are not exercised prior to the accelerated expiry date shall expire on the accelerated expiry date.

In connection with the offering, the company has agreed to pay finders' fees to certain finders of 6 per cent of the gross proceeds derived from investors identified by such finders under the offering, to be paid at closing out of the gross proceeds raised from the offering. As additional consideration, the company has agreed to grant share purchase warrants entitling the finders to subscribe for up to that number of shares equal to 6 per cent of the units sold to purchasers identified by the finders under the offering. Subject to regulatory approval, each finder's warrant will be exercisable to acquire one share of the company at a price of 60 cents for a period of two years and six months after the closing date of the offering. The shares, warrants and finders' warrants will be subject to a resale restriction for a period of four months plus one day from closing of the offering.

The net proceeds received by the company from sale of the units will be used for reservoir testing and analysis, advancing toward the development of a pilot plant, and for general corporate purposes.

About E3 Metals Corp.

E3 Metals is a lithium development company with 6.7 million tonnes lithium carbonate equivalent (LCE) inferred mineral resources in Alberta. Through the scale-up of its proprietary ion exchange direct lithium extraction process, E3 plans to quickly move toward the production of high-purity, battery-grade lithium products.

Chris Doornbos (PGeo), chief executive officer and director of E3 Metals, is a qualified person as defined by National Instrument 43-101, and has read and approved the technical information contained in this news release.

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