Business
EMP Metals Announces Financing of up to $3,000,000
VANCOUVER, BC, Feb. 27, 2023 /CNW/ - EMP Metals Corp. (CSE: EMPS) (OTCQB: EMPPF) ("EMP Metals" or the "Company") is pleased to announce a non-brokered private p
About this update from Emp Metals Corp
[{"type":"text","content":" VANCOUVER, BC, Feb. 27, 2023 /CNW/ - EMP Metals Corp. (CSE: EMPS) (OTCQB: EMPPF) (\"EMP Metals\" or the \"Company\") is pleased to announce a non-brokered private placement financing of up to 5,000,000 units of the Company (the \"Units\") at a price of $0.60 per Unit for aggregate gross proceeds of up to $3,000,000 (the \"Offering\"). Each Unit will consist of one (1) common share of the Company (each a \"Common Share\", and each Common Share comprising part of a Unit being a \"Unit Share\") and one-half of one (1/2) share purchase warrant (each whole share purchase warrant, a \"Unit Warrant\"), with each Unit Warrant entitling the holder to purchase one additional Common Share (a 'Unit Warrant Share\") at a price of $0.90 per Unit Warrant Share for a period of eighteen months from the date of issue (the \"Expiry Date). EMP Metals has the right to accelerate the Expiry Date if, at any time, the average closing price of the Common Shares on the principal exchange or market on which the Common Shares trade is equal to or greater than $1.25 for 10 consecutive trading days (\"10-Day Period\"). In the event of acceleration, the Expiry Date will be accelerated to a date that is 30 days after the Company issues the acceleration notice through a news release, provided that the acceleration notice is issued within 10 business days after the end of the particular 10-Day Period. Echelon Capital Markets acted as financial advisor with respect to the private placement. EMP CEO Rob Gamley commented \"We look forward to completing this financing to continue advancing our lithium brine projects. A NI 43-101 resource report for the Mansur area has now been expanded to include the Viewfield area and we expect it to be completed shortly. The Company has also begun working on the Mansur development plan and Preliminary Economic Assessment (\"PEA\") which it expects to complete during the second quarter of 2023. I'm also pleased to report that the Company plans to do additional drilling in the Viewfield area, following up on the excellent results we have already obtained as we move to completing a second PEA dedicated to the Viewfield area by the end of the fourth quarter of 2023.\" The Company intends to rely on the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions for the Offering, and...