Elcora Closes Final Tranche of Private Placement

Core Viewpoint - Elcora Advanced Materials Corp. has successfully closed the third and final tranche of its non-brokered private placement, raising a total of approximately $2,999,040.48 through the sale of 24,992,004 Units at a price of $0.12 per Unit [3]. Group 1: Offering Details - The first and second tranches of the Offering raised approximately $2,250,000 from the sale of 18,749,999 Units [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 from issuance [3]. - The Company intends to use the net proceeds for general working capital purposes [4]. Group 2: Insider Participation - A Director of the Company participated in the Offering, acquiring a total of 2,000,001 Units for approximately $240,000 [5]. - Skyline Resources Trading FZE acquired 6,242,005 Units, representing 14.85% of the Company's issued and outstanding shares on an undiluted basis and 18.63% on a fully diluted basis [6]. Group 3: Regulatory and Compliance - The Offering is subject to receipt of all necessary regulatory approvals and final acceptance by the Exchange [4]. - The participation by insiders is considered a "related party transaction" but is exempt from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101 [8]. Group 4: Company Overview - Elcora was founded in 2011 and aims to be a vertically integrated battery material company, capable of processing, refining, and producing battery-related minerals and metals [9].