E-Tech Resources Inc. Announces $600,000 Private Placement
E-Tech Resources Inc. Announces $600,000
Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - July 22, 2024) - E-Tech Resources Inc. (TSXV: REE) (FSE: K2I)
("E-Tech" or the "Company") is pleased to announce that it plans to raise up to $600,000 through a
private placement (the "Financing") of up to 12,000,000 units of E-Tech (each, a "Unit") at $0.05 per
Unit. Each Unit will consist of one common share of E-Tech (a "Common Share") and one-half common
share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable to purchase
one Common Share of E-Tech at a price of $0.10 per share for a period of 24 months from the closing
date of the Financing (the "Closing Date"). The proceeds from the private placement will be utilized to
support the Company's ongoing exploration and operational activities.
To facilitate the Financing, E-Tech has entered into an agreement with Numus Capital Corp., a
registered exempt market dealer, to act as agent for the Financing. E-Tech has agreed to pay to the
agent a cash fee equal to 7% of proceeds raised from investors introduced by the agent and to issue
compensation warrants entitling the agent to purchase that number of Common Shares as is equal to
seven percent (7%) of the Units sold to investors introduced by the agent. Each compensation warrant
will be exercisable into a Common Share of E-Tech at $0.10 per share for a period of 24 months from
closing.
The engagement of Numus Capital Corp. and the Financing may constitute Related Party Transactions
under
Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions
("
MI 61-101
"). E-Tech is relying upon an exemption for shareholder approval required under section
5.7(1)(a) of MI 61-101 on the basis that any related party elements of such transactions would not
exceed 25% of market capitalization of E-Tech.
Completion of the Financing is subject to the satisfaction of certain conditions, including the approval of
the TSX Venture Exchange, and all securities issued pursuant to the Financing will be subject to a four-
month and one day hold period.
About E-Tech Resources Inc.
E-Tech is a rare earth exploration and development company focused on developing its Eureka Rare
Earths Project in Namibia. The Eureka project is located approximately 250 km north-west of Namibia's
capital city Windhoek and 140 km east of Namibia's main industrial port Walvis Bay. The project is
crossed by the national B1 highway and right next to the main national railroad line.
The Eureka project lies in the Southern Central Zone of the Neoproterozoic Damara Belt within Exclusive
Prospecting License ("EPL") number EPL 6762, which covers farms Eureka 99 and Sukses 90. E-Tech
has also entered into a definitive agreement to acquire an 85% interest in EPL 8748, which lies adjacent
to and surrounds the Company's EPL 6762.
Namibia is recognized as one of Africa's most politically stable jurisdictions, with an extremely well-
established national infrastructure and a clear and transparent mining law.
Cautionary Statements
This press release may contain forward-looking information, such as statements regarding the
Financing. This information is based on current expectations and assumptions (including assumptions
relating to general economic and market conditions) that are subject to significant risks and uncertainties
that are difficult to predict. Actual results may differ materially from results suggested in any forward-
looking information. E-Tech does not assume any obligation to update forward-looking information in this
release, or to update the reasons why actual results could differ from those reflected in the forward-
looking information unless and until required by securities laws applicable to E-Tech. Additional
information identifying risks and uncertainties is contained in the filings made by E-Tech with Canadian
securities regulators, which filings are available at
www.sedarplus.ca
.
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.
For further information, please contact Christopher Drysdale, Interim CEO of E-Tech
Resources Inc., at +264 81 220 2439.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/217282