E3 Metals Closes Fully Oversubscribed Private Placement of over $8,000,000 /NOT FOR DISTRIBUTION TO
E3 Metals Closes Fully Oversubscribed Private
Placement of over $8,000,000
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES
OR FOR DISSEMINATION IN
THE UNITED STATES
./
CALGARY, AB
,
Feb. 8, 2021
/CNW/ - E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTC:
EEMMF) (the "Company" or "E3 Metals"), an emerging lithium developer and leading lithium
extraction technology innovator, is pleased to announce it has closed the "bought deal" brokered
private placement with Echelon Wealth Partners Inc. ("Echelon") and Canaccord Genuity Corp.
(collectively, the "Underwriters") as previously announced on
January 21, 2021
, for a total of over
$8M
.
The Company received subscriptions for 6,793,300 units of the Company, which includes the
exercise of the Underwriters' full 15% over-allotment option, for total proceeds of
$8,050,060.50
.
Each unit of the Company is comprised of one common share and one common share purchase
warrant, on the terms previously announced. The securities issued under the offering will be subject
to a hold period expiring four months and one day following the issue date.
The Company has engaged Echelon as an advisor going forward, and in consideration has paid to
Echelon an advisory fee of
$100,000
and will issue 92,400 non-transferrable common share
purchase warrants. Each warrant shall be exercisable to acquire one common share at a price of
$1.65
for a period of 24 months.
"E3 saw incredible support from institutional investors as we closed the full option at just over
$8M
."
commented
Chris Doornbos
, E3 Metals' President and CEO. "This clear demonstration of support
for E3 Metals continues as we move towards the pilot of our DLE technology and continue on the
path commercialization. The company is now fully capitalized to complete our major milestones for
2021 and beyond."
The company anticipates providing further information to the market in the coming month on the
development plans and use of proceeds.
About E3 Metals Corp.
E3 Metals is a lithium development Company with 7.0 million tonnes of lithium carbonate equivalent
(LCE) inferred mineral resources
1
in
Alberta
and an NPV
8%
on its Clearwater Lithium Project of
USD
1.1B
with a 32%
1
IRR pre-tax and
USD 820M
with a 27% IRR after-tax. Through the successful
scale up its DLE technology towards commercialization, E3 Metals' goal is to produce high purity,
battery grade, lithium products. With a significant lithium resource and innovative technology
solutions, E3 Metals has the potential to deliver lithium to market from one of the best jurisdictions in
the world. E3 Metals also continues to work with partners at the
University of Alberta
and at
GreenCentre Canada. For more information about E3 Metals, visit
http://www.e3metalscorp.com
.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chris Doornbos
, President & CEO
E3 METALS CORP.
1: The Preliminary Economic Assessment (PEA) of the Clearwater Lithium Project NI 43-101 technical report is effective Dec 21, 2020. E3 Metals has also released three NI 43-101
Technical Reports providing a total resource of 7.0 Mt LCE. The Clearwater Lithium Project PEA resource estimate, identifying 2.2Mt LCE (inferred) effective December 21, 2020;
the North Rocky Resource Area (NRRA) Technical Report effective October 27, 2017 identifying 0.9Mt LCE (inferred); and the Exshaw West Resource Area (EWRA) indentifying
3.9Mt LCE (inferred) dated June 4, 2018. All reports are available on the Company's website (
e3metalscorp.com/technical-reports
) and SEDAR (www.sedar.com)
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements concerning the use of the net
proceeds from the Offering, as well as management's objectives, strategies, beliefs and intentions.
Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect",
"anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-
looking statements are based on the current opinions and expectations of management. All forward-
looking information is inherently uncertain and subject to a variety of assumptions, risks and
uncertainties, including the speculative nature of mineral exploration and development, fluctuating
commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which
have not yet been tested or proven on a commercial scale or on the Company's brine, competitive
risks and the availability of financing, as described in more detail in our recent securities filings
available at
www.sedar.com
. Actual events or results may differ materially from those projected in
the forward-looking statements and we caution against placing undue reliance thereon. We assume
no obligation to revise or update these forward-looking statements except as required by applicable
law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE
e3 Metals Corp.
View original content:
http://www.newswire.ca/en/releases/archive/February2021/08/c7026.html
%SEDAR: 00011471E
For further information:
Chris Doornbos, Phone: (587) 324-2775, [email protected]
CO: e3 Metals Corp.
CNW 18:53e 08-FEB-21