Business
Elcora Appoints CTO of Anode Development, Provides Financing Update
Halifax, Nova Scotia--(Newsfile Corp. - February 23, 2017) - ELCORA ADVANCED MATERIALS CORP. ...
About this update from Elcora Advanced Materials Corp.
[{"type":"text","content":"\nElcora Appoints CTO of Anode Development, Provides Financing UpdateHalifax, Nova Scotia--(Newsfile Corp. - February 23, 2017) - ELCORA ADVANCED MATERIALS CORP. (TSXV: ERA) (FSE: ELM) (OTCQB:  ECORF), (the \"Company\" or \"Elcora\"), is pleased to announce the appointment of Dr. Shane Beattie as the CTO of anode development with responsibilities in the technology, testing, manufacturing and technical support of the Company's anode powder.Dr. Shane BeattieDr. Beattie has more than 15 years of experience in energy storage and anode development. He earned his Ph.D. working with Jeff Dahn at Dalhousie University. His Post Doctoral fellowship was with Dr. Jean-Marie Tarascon at the LRCS, UPJV, Amiens, France. More recently, he was the Technical Director at Warwick University's Battery Pilot Scale-up line. Dr. Beattie will be responsible for expanding the Company's existing capabilities to include testing of pouch cells, evaluating different graphite sources, supervision of the anode facility construction and related personnel, and interfacing with clients. He brings valuable experience working with several automotive companies using Li-ion technology and with cell manufacturers.\"The appointment of Dr. Beattie facilitates the development of the anode powder aspect of Elcora's vertically integrated structure and brings battery anode manufacturing and testing knowledge into the Company,\" said Troy Grant, Elcora's President and CEO. In addition, \"His experiences and knowledge of the industry will be key to help commercialize and sell the Elcora anode products.\"Elcora is pleased to report that they received $500,000 in non-repayable grants and $1,300,000 in Government Loans to assist with continued Lithium-Ion battery testing and development. In addition to the $1,800,000 amount, the Company announces that it has closed the second and final tranche of the non-brokered private placement financing (the \"Private Placement\") announced on January 31, 2017. The Private Placement closed at a total of $2,645,823 or 9,799,343 Units.The first tranche involved the issuance of 9,326,093 units (\"Units\") of the Company at a price of $0.27 per Unit for gross proceeds of $2,518,045. The final tranche involved the issuance of 473,250 Units of the Company at a price of $0.27 per Unit for gross proceeds of $127,778.Each Unit will be comprised ...