Electric Metals Announces Final Closing of Private Placement
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ELECTRIC METALS ANNOUNCES FINAL CLOSING OF PRIVATE PLACEMENT
Not for distribution to U.S. news wire services or dissemination in the United States.
Toronto, Ontario, January 31, 2025: Electric Metals (USA) Limited ("EML" or the "Company") (TSXV: EML)
(OTCQB: EMUSF) announces the final closing of the Company's non -brokered private placement (the
“Offering”) as previously announced in its news release dated October 31, 2024. The Company issued in
aggregate 5,837,000 common shares (“the “Shares”) at $0.10 per share for gross proceeds of C$583,700.
No finders fees were paid in connection with the Offering.
Under the Offering, directors of the Corporation subscribed for 3,737,000 Shares for a total consideration
of C$373,700, which constitutes a " related party transaction" within the meaning of Regulation 61-101
respecting Protection of Minority Security Holders in Special Transactions ("Regulation 61-101") and TSXV
Policy 5.9 – Protection of Minority Security Holders in Special Transactions. However, the directors of the
Corporation who voted in favor of the Offering have determined that the exemptions from f ormal
valuation and minority approval requirements provided for respectively under subsections 5.5(a) and
5.7(1)(a) of Regulation 61-101 can be relied on as neither the fair market value of the Shares issued to this
insider, nor the fair market value of th e consideration paid exceeded 25% of the Corporation’s market
capitalization. None of the Corporation’s directors have expressed any contrary views or disagreements
with respect to the foregoing. A material change report in respect of this related party transaction will be
filed by the Corporation but could not be filed earlier than 21 days prior to the closing of the Offering, due
to the fact that the terms of the participation of each of the non-related parties and the related parties of
the Offering were not confirmed.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in
the United States. The securities described in this news release have not been and will not be registered
under the United States Securities Act o f 1933, as amended (the “ U.S. Securities Act ”) or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is
available.
About Electric Metals (USA) Limited
Electric Metals (USA) Limited (TSXV: EML) (OTCQB: EMUSF) is a US-based mineral development company
with manganese and silver projects geared to supporting the transition to clean energy. The Company's
principal asset is the Emily Manganese Project in Minnesota , the highest-grade manganese deposit in
North America, which has been the subject of considerable technical studies , including National
Instrument 43-101 Technical Reports – Resource Estimates. The Company's mission in Minnesota is to
become a domestic U S producer of high-value, high-purity manganese metal and chemical products to
supply the North American electric vehicle battery, technology and industrial markets. With manganese
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playing a critical and prominent role in lithium -ion battery formulations, and with no current domestic
supply or active mines for manganese in North America, the development of the Emily Manganese Project
represents a significant opportunity for America, the State of Minnesota and for the Company 's
shareholders.
For further information, please contact:
Electric Metals (USA) Limited
Brian Savage
CEO & Director
(303) 656-9197
or
Valerie Kimball
Director Investor Relations
720-933-1150
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively,
"forward-looking information") within the meaning of applicable securities laws. Forward -looking
information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates,"
"intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative
of such expressions.
Such statements in this news release include, without limitation: the Company's mission to become a
domestic US producer of high -value, high-purity manganese metal and chemical products to supply the
North American electric vehicle battery, technology and industrial markets; that manganese will continue
to play a critical and promin ent role in lithium -ion battery formulations; that with no current domestic
supply or active mines for manganese in North America, the development of the Emily Manganese Project
represents a significant opportunity for America, Minnesota and for the Company 's shareholders; and
planned or potential developments in ongoing work by Electric Metals.
These statements address future events and conditions and so involve inherent risks, uncertainties and
other factors that could cause actual events or results to differ materially from estimated or anticipated
events or results implied or expressed in such forward-looking statements. Such risks include, but are not
limited to, the failure to obtain all necessary stock exchange and regulatory approvals; investor interest in
participating in the Offering; and risks related to the exploration and other plans of the Company. Forward-
looking information is based on the reasonable assumptions, estimates, analysis and opinions of
management made in light of its experience and perception of trends, updated conditions and expected
developments, and other factors that management believes are relevant and reasonable in the
circumstances at the date such statements are made. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from those contained in forward -
looking information, there may be other factors that cause results not to be as anticipated. There can be
no assurance that such information will prove to be accurate, as actual results and future events could
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differ materially from those anticipated in such information. Accordingly, readers should not place undue
reliance on forward-looking information.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the
Company disclaims any obligation to revise or update any such forward-looking information or to publicly
announce the result of any revisions to any of the forward-looking information contained herein to reflect
future results, events, or developments, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.