Business
Electric Metals (USA) Limited Closes $4 Million Non-Brokered Private Placement
Led by Eric Sprott and Crescat Capital VANCOUVER, BC / ACCESS Newswire / October 24, 2025 / Electric Metals (USA) Limited ("EML" or the "Company") (TSXV:EML)(OTCQB:EMUSF) is pleased to announce the closing of its previously announced non-brokered ...
About this update from Electric Metals Usa Limited
[{"type":"text","content":"Led by Eric Sprott and Crescat Capital","length":38,"tagName":"p"},{"type":"text","content":"VANCOUVER, BC / ACCESS Newswire / October 24, 2025 / Electric Metals (USA) Limited ("EML" or the "Company") (TSXV:EML)(OTCQB:EMUSF) is pleased to announce the closing of its previously announced non-brokered private placement, raising gross proceeds of approximately C$4 million. The financing, led by Eric Sprott and Crescat Capital, will advance the Company's North Star Manganese Project in Minnesota, supporting a critical U.S. domestic supply of high-purity manganese products, including high-purity manganese sulfate monohydrate (HPMSM), for the U.S. electric vehicle battery and energy sector.","length":624,"tagName":"p"},{"type":"text","content":"Under the Offering, the Company issued 13,330,000 units (the "Units") at a price of C$0.30 per Unit. Each Unit consists of one common share of the Company (a "Share") and one-half of one non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire one additional Share at an exercise price of C$0.45 for a period of 18 months. The Shares and any Shares issued upon exercise of the Warrants are subject to applicable hold periods in accordance with securities laws and exchange policies.","length":581,"tagName":"p"},{"type":"text","content":"Eric Sprott and Crescat Capital, who also led the Company's previous financing, again participated as cornerstone investors, demonstrating their continued support for the Company's long-term strategy and reinforcing the strength of its shareholder base. Certain Company Directors and other existing shareholders also participated, reflecting broad confidence in the Company's growth prospects.","length":405,"tagName":"p"},{"type":"text","content":"As a result of his participation in the Offering, Eric Sprott is now considered an insider of the Company, holding approximately 11.4% on a partially-diluted basis assuming the exercise of convertible securities.","length":212,"tagName":"p"},{"type":"text","content":"Kevin Smith, CFA, Founder and CEO of Crescat Capital, commented: "The positive PEA confirms the strong economics and strategic importance of the North Star Manganese Project as a potential domestic source of high-purity mangan...