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Electra Closes First Tranche of Oversubscribed Private Placement
TORONTO, April 04, 2025 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM...
About this update from Electra Battery Materials Corp
[{"type":"text","content":"Electra Closes First Tranche of Oversubscribed Private Placement\n\n\n\n TORONTO, April 04, 2025 (GLOBE NEWSWIRE) --\n \n Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM)\n \n (“Electra” or the “Company”) announces that it has closed the first tranche of its oversubscribed non-brokered private placement previously announced on March 24, 2025, raising aggregate gross proceeds of approximately US$3.08 million (the “Offering”).\n \n\n “We are pleased with the strong investor support demonstrated for our vision of building a North American critical minerals supply chain,” said Electra CEO, Trent Mell. “The oversubscription of this private placement is a strong vote of confidence in our team, our progress, and the path forward we have set.”\n \n\n Pursuant to the closing of the first tranche of the Offering, 2,747,145 units of the Company (each, a “Unit”) were issued at a price of US$1.12 per Unit. Each Unit consists of one common share in the capital of the Company (“Common Shares”) and one transferable common share purchase warrant (each, a “Warrant”), with each warrant entitling the holder to purchase one common share of the Company at a price of US$1.40 at any time for a period of eighteen (18) months following the issue date. The net proceeds raised from the Offering will be used to advance the Company’s Refinery project site in Temiskaming Shores, Ontario and for general corporate purposes.\n \n\n The Company expects to close a second and final tranche of the Offering on or about April 8, 2025.\n \n\n Each of Trent Mell, Chief Executive Officer of the Company, Marty Rendall, Chief Financial Officer of the Company, John Pollesel, a director of the Company, Alden Greenhouse, director of the Company, Heather Smiles, Vice President, Investor Relations & Corporate Development of the Company, Mark Trevisiol, Vice President, Project Development of the Company, and Michael Insulan, Vice President, Commercial of the Company are participating in the Offering.\n \n\n By virtue of their participation, the Offering constitutes a “related party transaction” under applicable securities laws. The Company did not file a material change report more than 21 days before closing the first tranche ...