Emp Metals Announces Fully Subscribed Financing of $9,757,600
Tel: 604-689-7422 208A - 980 West 1st Street, North Vancouver, BC V7P 3N4
EMP METALS ANNOUNCES FULLY SUBSCRIBED FINANCING OF
$9,757,600
Vancouver, British Columbia, October 25, 2023 – EMP Metals Corp. (CSE: EMPS) (OTCQB:
EMPPF) (“EMP Metals” or the “Company”) is pleased to announce that previously announced
non-brokered private placement financing (see news release dated October 24, 2023) for
aggregate gross proceeds of up to $9,757,600 is now fully subscribed (the “Offering”).
The Offering will continue to consist of (i) 13,519,000 hard dollar units of the Company (the “HD
Units”) at a price of $0.40 per HD Unit for aggregate gross proceeds of $5,407,600; and (ii)
7,500,000 Saskatchewan “flow-through” units of the Company (the “FT Units”) at a price of $0.58
per FT Unit for aggregate gross proceeds of $4,350,000.
Each HD Unit will consist of one (1) common share of the Company (a “Common Share”) and
three-quarters of one (3/4) Common Share purchase warrant (each whole Common Share
purchase warrant, a “Warrant”). Each FT Unit will consist of one (1) “flow -through” c ommon
share and three-quarters of one (3/4) Warrant to be issued on a non-“flow-through” basis. Each
Warrant will be exercisable to acquire one (1) additional Common Share (a “Warrant Share”) at
an exercise price of $0.60 per Warrant Share for a period of two (2) years from the date of issue.
The net proceeds from the sale of the HD Units will be used by the Company for drilling wells and
other exploration work on the EMP Project, Saskatchewan and for general corporate and working
capital purposes. The gross proceeds from the sale of FT Units will be used by the Company to
incur eligible “Canadian exploration expenses” that will qualify as “flow -through critical mining
expenditures” as such terms are defined in the Income Tax Act (Canada) and “eligible flow -
through mining expenditures” as such term is defined in the Mineral Exploration Tax Credit
Regulations (Saskatchewan) (the “Qualifying Expenditures”) related to the EMP Project. All
Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units effective
December 31, 2023.
Closing of the Offering is expected to occur on or about October 31, 2023.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and will not be registered under the
United States Securities Act of 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. Securitie s Act and applicable state securities laws or an exemption from such
registration is available.
About EMP
Tel: 604-689-7422 208A - 980 West 1st Street, North Vancouver, BC V7P 3N4
EMP is a Canadian-based lithium exploration and development company focused on large scale
resources using direct lithium extraction (“DLE”). EMP, in partnership with ROK, currently holds
192,000 net (77,700 hectares) acres of Subsurface Dispositions and strategic wellbores in
Southern Saskatchewan. For more information, please go to the Company’s website at
www.empmetals.com
For more information, please contact:
Rob Gamley, President & CEO
Phone: 1-604-689-7422
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on
assumptions as of the date of this news release. These statements reflect management's current
estimates, beliefs, intentions and expectations. They are not guarantees of future performance.
EMP Metals cautions that all forward -looking statements are inherently uncertain, and that
actual performance may be affected by a number of material factors, many of which are beyond
EMP Metals’ control. Such factors include, among other things: risks and uncertainties relating
to EMP Metals' limited operating history, ability to obtain sufficient financing to carry out it s
exploration and development objectives on its mineral properties, obtaining the necessary
permits to carry out its activities and the need to comply with environmental and governmental
regulations. Accordingly, actual and future events, conditions and r esults may differ materially
from the estimates, beliefs, intentions and expectations expressed or implied in the forward -
looking information. Except as required under applicable securities legislation, EMP Metals
undertakes no obligation to publicly update or revise forward-looking information.
Neither the Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that
term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of
this news release.