E3 METALS CORP. (TSX-V: ETMC) (FSE: OU7A) (OTC: EEMMF) an emerging lithium developer and leading lithium extraction technology innovator, is pleased to announce it has closed the “bought deal” brokered private placement with Echelon Wealth Partners Inc. and Canaccord Genuity Corp. as previously announced on January 21, 2021, for a total of over $8M.
The Company received subscriptions for 6,793,300 units of the Company, which includes the exercise of the Underwriters’ full 15% over-allotment option, for total proceeds of $8,050,060.50. Each unit of the Company is comprised of one common share and one common share purchase warrant, on the terms previously announced. The securities issued under the offering will be subject to a hold period expiring four months and one day following the issue date.
The Company has engaged Echelon as an advisor going forward, and in consideration has paid to Echelon an advisory fee of $100,000 and will issue 92,400 non-transferrable common share purchase warrants. Each warrant shall be exercisable to acquire one common share at a price of $1.65 for a period of 24 months.
“E3 saw incredible support from institutional investors as we closed the full option at just over $8M.” commented Chris Doornbos, E3 Metals’ President and CEO. “This clear demonstration of support for E3 Metals continues as we move towards the pilot of our DLE technology and continue on the path commercialization. The company is now fully capitalized to complete our major milestones for 2021 and beyond.”
The company anticipates providing further information to the market in the coming month on the development plans and use of proceeds.
About E3 Metals Corp.
E3 Metals is a lithium development Company with 7.0 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources1 in Alberta and an NPV8% on its Clearwater Lithium Project of USD 1.1B with a 32%1 IRR pre-tax and USD 820M with a 27% IRR after-tax. Through the successful scale up its DLE technology towards commercialization, E3 Metals’ goal is to produce high purity, battery grade, lithium products. With a significant lithium resource and innovative technology solutions, E3 Metals has the potential to deliver lithium to market from one of the best jurisdictions in the world. E3 Metals also continues to work with partners at the University of Alberta and at GreenCentre Canada.
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We acknowledge the [financial] support of the Government of Canada.