EMP Metals Corp. (CSE: EMPS) (OTCQB: EMPPF) is pleased to announce that previously announced non-brokered private placement financing (see news release dated October 24, 2023) for aggregate gross proceeds of up to $9,757,600 is now fully subscribed.

The Offering will continue to consist of (i) 13,519,000 hard dollar units of the Company (the “HD Units”) at a price of $0.40 per HD Unit for aggregate gross proceeds of $5,407,600; and (ii) 7,500,000 Saskatchewan “flow-through” units of the Company at a price of $0.58 per FT Unit for aggregate gross proceeds of $4,350,000.

Each HD Unit will consist of one common share of the Company and three-quarters of one Common Share purchase warrant. Each FT Unit will consist of one “flow-through” common share and three-quarters of one Warrant to be issued on a non-“flow-through” basis. Each Warrant will be exercisable to acquire one additional Common Share at an exercise price of $0.60 per Warrant Share for a period of two years from the date of issue.

The net proceeds from the sale of the HD Units will be used by the Company for drilling wells and other exploration work on the EMP Project, Saskatchewan and for general corporate and working capital purposes. The gross proceeds from the sale of FT Units will be used by the Company to incur eligible “Canadian exploration expenses” that will qualify as “flow-through critical mining expenditures” as such terms are defined in the Income Tax Act (Canada) and “eligible flow-through mining expenditures” as such term is defined in the Mineral Exploration Tax Credit Regulations (Saskatchewan) (the “Qualifying Expenditures”) related to the EMP Project. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units effective December 31, 2023.

Closing of the Offering is expected to occur on or about October 31, 2023.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About EMP

EMP is a Canadian-based lithium exploration and development company focused on large scale resources using direct lithium extraction. EMP, in partnership with ROK, currently holds 192,000 net (77,700 hectares) acres of Subsurface Dispositions and strategic wellbores in Southern Saskatchewan.