Elcora Closes First Tranche of Private Placement

Executive Summary

• Elcora Advanced Materials Corp. 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 a total of 25,000,000 units under the offering, targeting up to $3 million in gross proceeds.
• Net proceeds are earmarked for general working‑capital purposes; each unit includes one common share and one warrant exercisable at $0.16 for 24 months.

Key Details

• Units Issued (First Tranche): 8,158,333 units @ $0.12 per unit → ≈ $979,000 gross proceeds.
• Maximum Offering Size: Up to 25,000,000 units @ $0.12 per unit → ≤ $3,000,000 gross proceeds.
• Unit Composition: 1 common share + 1 share‑purchase warrant per unit.
• Warrant Terms: Exercise price $0.16 per share; exercisable for 24 months from issuance.
• Insider Participation: One director purchased 1,183,334 units (related‑party transaction exempt from MI 61‑101 valuation/approval thresholds).
• Use of Proceeds: General working capital.
• Statutory Hold Period: Securities subject to a four‑month plus one day hold period per securities law requirements.
• Closing Conditions: Subject to regulatory approvals and TSX Venture Exchange acceptance.

Notable Quotes

(No direct quotes were provided in the release.)