E3 METALS CORP. (TSX-V: ETMC) (FSE: OU7A) (OTC: EEMMF) an emerging lithium developer and leading lithium extraction technology innovator, today announced that it has closed its brokered private placement led by Canaccord Genuity Corp. The placement was fully subscribed for a total of $5,000,000.05, representing 5,882,353 units in the Company under the terms of the placement announced on December 2, 2020.
The proceeds will assist E3 Metals in completing the DLE technology development. This includes the construction of a pilot plant aimed at demonstrating the operating conditions for the primary extraction of lithium from brines in Alberta. The company will also be advancing its Aquifer Management Plan and the larger scale production of lithium hydroxide from E3’s wholly owned Li-IX Direct Lithium Extraction technology.
About E3 Metals Corp.
E3 Metals is a lithium development company with 7.0 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources in Alberta and an after-tax NPV8% on its Clearwater Lithium Project of USD 1.1B with a 32%1 IRR. 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.