HALIFAX, NOVA SCOTIA / ACCESSWIRE / January 31, 2017 / Troy Grant, President and CEO of ELCORA ADVANCED MATERIALS CORP. (EJ7.F) (OTCQB:ECORF) (FSE:ELM), (the "Company" or "Elcora"), is pleased to announce a non-brokered private placement offering (the "Private Placement") of up to 20,370,370 units ("Units") at a price of $0.27 per Unit to raise aggregate gross proceeds of up to $5,500,000. Each Unit will be comprised of one common share and one common share purchase warrant. Each full warrant gives the holder the right to purchase one additional common share of Elcora at an exercise price of $0.34 for two years following the closing of the Private Placement. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of $0.60 cents per share for a period of 20 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 45 days from the date of providing such notice.
The Company will pay finders' fees in connection with the Private Placement.
All securities issued pursuant to the Private Placement will be subject to a statutory four-month hold period. The proceeds from the Private Placement will be used to increase the output of the Sri Lanka mining site in order to meet the demand and continued Lithium-Ion battery testing and development. Completion of the Private Placement is subject to the approval of the TSX Venture Exchange and is expected to close on or about February 2, 2017.
Further to the news release issued October 27, 2016 where Elcora announced the extension of the expiry date of 7,142,857 share purchase warrants issued pursuant to a non-brokered private placement financing in November 2015 (the "2015 Warrants"), the Company wishes to announce that the 2015 Warrants were not extended.
About Elcora Advanced Materials
Elcora was founded in 2011 and has been structured to become a vertically integrated graphite & graphene company that mines, processes, refines graphite, and produces both the graphene and end user graphene applications. As part of the vertical integration strategy, Elcora has secured high-grade graphite and graphene precursor graphite from its interest in the operation of the Ragedara mine in Sri Lanka which is already in production. Elcora has developed a unique low cost effective processes to make high quality graphite and graphene that are commercially scalable. This combination means that Elcora has the tools and resources for graphite and graphene vertical integration.