Elcora Closes Second Tranche of Private Placement

Core Viewpoint - Elcora Advanced Materials Corp. has successfully closed a second tranche of its private placement, raising a total of approximately $2,250,000 through the issuance of 18,749,999 units at a price of $0.12 per unit [1][2]. Group 1: Private Placement Details - The second tranche involved the issuance of 10,591,666 units, generating gross proceeds of approximately $1,271,000 [1]. - The first tranche consisted of 8,158,333 units, raising approximately $979,000 [2]. - The total offering allows for the issuance of up to 25,000,000 units at $0.12 per unit, aiming for total gross proceeds of up to $3,000,000 [3]. Group 2: Insider Participation - A director of the company participated in the offering, acquiring a total of 1,183,334 units in the first tranche and 816,667 units in the second tranche, amounting to approximately $240,000 [4]. - This insider participation is classified as a "related party transaction" but is exempt from formal valuation and minority shareholder approval requirements [4]. Group 3: Use of Proceeds and Regulatory Compliance - The net proceeds from the offering will be utilized for general working capital purposes [5]. - 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 [5]. - The closing of the offering is contingent upon receiving all necessary regulatory approvals and final acceptance by the TSX Venture Exchange [5]. Group 4: Company Overview - Elcora Advanced Materials Corp. was founded in 2011 and is structured to be a vertically integrated battery material company [6]. - The company specializes in processing, refining, and producing battery-related minerals and metals, with a focus on developing cost-effective purification processes for high-quality battery materials [6].