Electric Metals Announces Private Placement Offering
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ELECTRIC METALS ANNOUNCES PRIVATE PLACEMENT OFFERING
Not for distribution to U.S. news wire services or dissemination in the United States.
Toronto, Ontario, October 31, 2024: Electric Metals (USA) Limited ("EML" or the "Company") (TSXV: EML)
(OTCQB: EMUSF) is pleased to announce its intention to complete a non -brokered private placement of
up to a maximum of 10,000,000 common shares of the Company (a "Share") at a price of C AD$0.10 per
Share for maximum gross proceeds of CAD$1,000,000 (the "Offering").
The Shares issued under the Offering may be subject to hold periods in accordance with applicable laws
and stock exchange policies. EML intends to allocate the Offering proceeds to advance key initiatives,
including a mine scoping study, various studies related to our HPMSM plant, environmental baseline work,
other critical research at our Emily Manganese Project, and general working capital purposes.
The closing of the Offering is expected to occur on or about November 29, 2024, or such other date or
dates as the Company may determine and is subject to certain conditions, including, but not limited to,
the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the "TSXV").
The Company may engage one or more agents or finders in connection with the Offering and may pay such
parties fees as may be agreed between the Company and such parties.
The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of
1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or
sold in the United States absent registration or an available exemption from the registration requirements
of the U.S. Securities Act and applicable U.S. state securities laws. This press releas e shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities referenced
in this press release, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Certain insiders of the Company may acquire Shares in the Offering. Any participation by insiders in the
Offering would constitute a "related party transaction" as defined under Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions ("MI 61 -101"). However, the Company
expects such participation would be exempt from the formal valuation and minority shareholder approval
requirements of MI 61 -101 as neither the fair market value subscribed for by the insiders under th e
Offering, nor the consideration for the Shares paid by such insiders, will exceed 25% of the Company 's
market capitalization.
A material change report including details with respect to the related party transaction is not expected to
be able to be filed less than 21 days prior to the closing of the Offering as the Company has not received
confirmation of the participation of insiders in the Offering and the Company deems it reasonable in the
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circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering
in an expeditious manner.
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
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 ability of the Company to complete
the Offering; the size, terms and timing of the Offering; participation in the Offering by insiders of the
Company; the timing and receipt of TSXV and other approvals required in connection with the Offering ;
the intended use of proceeds of the Offering; 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
prominent 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
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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
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.