E3 Metals Corp Closes Tranche 1 of Private Placement at $907,000 /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISSEMINATION IN
E3 Metals Corp Closes Tranche 1 of Private Placement
at $907,000
/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
,
Dec. 18, 2019
/CNW/ - E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTC: EEMMF) (the "Company"
or "E3 Metals") is pleased to announce the successful closing of the first tranche ("Tranche 1") of its non-brokered
private placement financing (the "Offering") announced on
November 20
, 2019. Under the Offering, the Company has
issued 2,267,900 units of the Company (the "Units") at a price of
$0.40
per Unit for gross proceeds of
$907,160
. Each
Unit comprises 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. On Closing of Tranche 1 of the Offering E3 Metals has
27,341,885 common shares issued and outstanding. All securities issued are subject to a hold period under applicable
securities laws in
Canada
expiring on
April 18, 2020
. There are no finder's fees or warrants associated with the
issuance.
"In spite of 2019 being a challenging year for companies in the lithium industry, E3 has made significant progress in
advancing its unique Alberta Lithium project. The Company was successful in further testing its proprietary Ion
Exchange Direct Lithium Extraction Technology; was selected for GreenCentre Canada's Raising Innovative and
Sustainable Enterprises (RISE) program, and most importantly entered into a Joint Development Agreement with Livent
Corp., the world's largest pure-play lithium producer, to further develop our lithium extraction technology. Numerous
insiders, including all the Directors and members of the senior management team, have expressed their underlying
confidence in the Company by electing to participate in the current financing," stated E3 Director
Paul Reinhart
.
Chris Doornbos
, E3 Metals' President and CEO commented, "We are pleased with the closing of the first tranche of this
financing with strong support from our executive team, existing shareholders and new local and international
shareholders. The second tranche is well underway and we look forward to completing the financing early in the New
Year."
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 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:
205 - 227 10th St NW, Calgary, AB T2N 1V5, +1 (587) 324-2775,
[email protected], e3metalscorp.com
CO: E3 Metals Corp.
CNW 03:05e 18-DEC-19