Elcora Closes First Tranche of Private Placement

Core Viewpoint - Elcora Advanced Materials Corp. has successfully closed the first tranche of its private placement, raising approximately $979,000 by issuing 8,158,333 units at a price of $0.12 per unit [1][2]. Group 1: Private Placement Details - The company plans to issue up to 25,000,000 units at the same price of $0.12 per unit, aiming for total gross proceeds of up to $3,000,000 [2]. - Each unit consists of one common share and one share purchase warrant, with each warrant exercisable for an additional share at a price of $0.16 for a period of 24 months [2]. - No finder's fees will be paid in connection with this offering [2]. Group 2: Insider Participation - A director of the company participated in the first tranche, acquiring an aggregate of 1,183,334 units [3]. - This insider participation is classified as a "related party transaction" under Multilateral Instrument 61-101, but is exempt from formal valuation and minority shareholder approval requirements [3]. Group 3: Use of Proceeds and Regulatory Compliance - The net proceeds from the offering will be used for general working capital purposes [4]. - All securities issued will be subject to a statutory hold period of four months plus a day from issuance, in accordance with applicable securities laws [4]. - The closing of the offering is contingent upon receiving all necessary regulatory approvals and final acceptance by the TSX Venture Exchange [4]. Group 4: Company Overview - Elcora Advanced Materials Corp. was founded in 2011 and is structured to become a vertically integrated battery material company [5]. - The company has developed a cost-effective process to purify high-quality battery metals and minerals, which are commercially scalable [5]. - This vertical integration strategy positions Elcora with the necessary tools and resources for the battery minerals and metals industry [5].