E3 Metals Corp. Closes Financing and Begins Work on Brine Production Planning
E3 Metals Corp. Closes Financing and Begins
Work on Brine Production Planning
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
CANADA
ONLY AND IS NOT FOR
DISSEMINATION IN
THE UNITED STATES
OR FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES/
TSXV: ETMC
FSE:
OU7A
OTC:
EEMMF
CALGARY
,
March 2, 2020
/CNW/ - E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTC:
EEMMF) (the "Company" or "E3 Metals") is pleased to announce the successful closing of the
second tranche of its non-brokered private placement financing (the "Offering") announced on
November 20
, 2019. Under the Offering, the Company has now issued a total of 5,272,400 units of
the Company (the "Units"), including 2,267,900 units issued on the first tranche which closed
December 18
2019, at a price of
$0.40
per Unit for a total gross proceeds of
$2,108,960
. Each Unit
is comprised of one common share (a "Share") and one-half of one common share purchase warrant
(each whole warrant a "Warrant"). Each Warrant entitles the holder to acquire one additional
common share at an exercise price of
$0.60
for a period of 30 months following the date of
issuance. E3 Metals now has 30,477,400 common shares issued and outstanding. Securities under
this Tranche 2 are subject to a four month hold period from their date of issue. Commissions
comprised of
$18,000
cash and 45,000 broker warrants were issued in connection with the Tranche
2 closing. Broker warrants issued carry the same terms as the Warrants.
Further to the Company's press release of
November 20, 2019
, E3 Metals wishes to advise that it
will not invoke the acceleration provisions of the Warrants under either the Tranche 1 or Tranche 2
closing of the Offering.
The Company plans to deploy the funds raised to continue the development of the reservoir and
advance the brine production plan. The Company is actively de-risking its project by making large
strides in commercial development in
Alberta
. This work, combined with the Company's proprietary
Direct Lithium Extraction Technology in collaboration with Livent under the Joint Development
Agreement, will fast track the Company's development. The Company will keep the market informed
as the project development work progresses, and the economic viability of the overall project is
established.
"Direct lithium extraction technologies are attracting increased investor attention as a sustainable,
scalable and economic process to contribute to the anticipated massive increase in lithium is being
forecasted by 2030. Since signing our Joint Development Agreement with Livent Corp. (the lithium
industry's 5
th
largest producer and technological leader), last September, E3 Metals has been
progressing rapidly toward proving out its proprietary technology and moving forward with
constructing a pilot plant targeted to commence operating in 2021," commented
Chris Doornbos
, E3
Metals' CEO.
About E3 Metals Corp.
E3 Metals is a lithium development company with 6.7 million tonnes lithium carbonate equivalent
(LCE) inferred mineral resources
1
in Alberta. E3 Metals is currently advancing its proprietary Ion
Exchange Direct Lithium Extraction ("DLE") process in partnership with Livent Corporation under a
Joint Development Agreement. Livent is the world's largest pure-play lithium producer, well-known
for being one of the lowest cost producers of lithium carbonate. With facilities across the globe,
Livent holds technical expertise in the extraction and production of various lithium products. E3
Metals also continues to work with partners at the
University of Alberta
and at GreenCentre Canada.
Through the successful scale up of its DLE process towards commercialization, E3 Metals plans to
quickly move towards the production of 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. The development of this lithium
resource through brine production is a well-understood venture in
Alberta
, where this brine is
currently being produced to surface through an extensive existing oil and gas infrastructure and
development. For more information about E3 Metals, visit
www.e3metalscorp.com
.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chris Doornbos
, President & CEO
E3 METALS CORP.
Chris Doornbos
(P.Geo), CEO and Director of E3 Metals Corp., is a Qualified Person as defined by
NI 43-101 and has read and approved the technical information contained in this announcement.
1: E3 Metals has released information on three 43-101 Technical Reports totaling a resource of 6.7
Mt LCE. The Central Clearwater Resource Area (CCRA) Technical Report, identifying 1.9Mt LCE
(inferred), is dated effective
October 27, 2017
, and the North Rocky Resource Area (NRRA)
Technical Report was dated effective
October 27, 2017
, identifies 0.9Mt LCE (inferred). A third
report for the Exshaw West Resource Area (EWRA), identifies 3.9Mt LCE (inferred) and was filed
on
June 15, 2018
, effective
June 4, 2018
. All reports are available on SEDAR (
www.sedar.com
)
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.
This news release includes certain forward-looking statements concerning the potential of the
Company's projects and technology, 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.
SOURCE
E3 Metals Corp.
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For further information:
Contact Information: 205 - 227 10th St NW, Calgary, AB T2N 1V5, +1
(587) 324-2775, [email protected], e3metalscorp.com
CO: E3 Metals Corp.
CNW 03:45e 02-MAR-20