Elcora Advanced Materials Corp. has closed the first tranche of its private placement, issuing 8,158,333 units at $0.12 per unit for gross proceeds of approximately $979,000. The company may issue up to 25,000,000 units to raise total gross proceeds of up to $3,000,000. Each unit consists of one common share and one share purchase warrant, exercisable for an additional share at $0.16 for 24 months. No finder’s fees will be paid, and insiders, including a director, participated in the offering. The net proceeds will be used for general working capital purposes.

Elcora Advanced Materials Corp., founded in 2011, is a vertically integrated battery material company that processes, refines, and produces battery-related minerals and metals. The company has developed a cost-effective process to purify high-quality battery metals and minerals. For further information, visit Elcora’s website or contact Troy Grant, Director, President & CEO. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. The release includes forward-looking statements, and investors are cautioned to rely on information disclosed in the filing statement prepared in connection with the transaction.

Read more at GlobeNewswire: Elcora Closes First Tranche of Private Placement