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EMP Metals Closes $5,000,000 Financing
VANCOUVER, BC, March 17, 2023 /CNW/ - EMP Metals Corp. (CSE: EMPS) (OTCQB: EMPPF) ("EMP Metals" or the "Company") is pleased to announce that it has closed its
About this update from Emp Metals Corp
[{"type":"text","content":" VANCOUVER, BC, March 17, 2023 /CNW/ - EMP Metals Corp. (CSE: EMPS) (OTCQB: EMPPF) (\"EMP Metals\" or the \"Company\") is pleased to announce that it has closed its non-brokered private placement financing of 8,333,333 units of the Company (the \"Units\") at a price of $0.60 per Unit for aggregate gross proceeds of $5,000,000 (the \"Offering\"). Rob Gamley, EMP CEO, commented, \"We are pleased to complete this financing with the continued support of our existing shareholders and strengthen our shareholder base with new institutional investors. We are well-funded to advance ongoing exploration and development at our Mansur and Viewfield lithium-brine projects with our goal of resource growth and expansion in these areas.\" Each Unit consisted 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 until September 16, 2024 (the \"Expiry Date). EMP Metals has the right to accelerate the Expiry Date (\"Acceleration\") 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, provided that the acceleration notice is provided within 10 business days after the end of the particular 10-Day Period. Echelon Capital Markets acted as financial advisor with respect to the Offering. The Company relied on the listed issuer financing exemption for the Offering, and the Unit Shares, Unit Warrants and Unit Warrant Shares will not be subject to restrictions on resale. In connection with the Offering, the Company paid an aggregate of $259,536 in finders fees and issued an aggregate of 432,560 finders warrants (the \"Finders Warrants\"), with each Finders Warrant entitling the holder to purchase one (1) Common Share (a \"Finders Warrant Share\") at a price of $0.60 per Finders Warrant Share until September 16, 2...