Elcora closes $979,000 first tranche of placement

Executive Summary

• Elcora Advanced Materials Corp. has closed the first tranche of its private placement, raising approximately $979,000 through the issuance of 8,158,333 units.
• The company retains the ability to issue up to 25 million units at 12 cents per unit to raise total gross proceeds of up to $3 million.
• Net proceeds are designated for general working capital purposes, with insider participation included in the tranche.

Key Details

• Units Issued: 8,158,333 units.
• Price Per Unit: 12 cents.
• Gross Proceeds (First Tranche): Approximately $979,000.
• Total Capacity: Up to 25 million units at 12 cents per unit, for total gross proceeds of up to $3 million.
• Warrant Terms: Each unit consists of one common share and one share purchase warrant. Each warrant is exercisable for one additional share at an exercise price of 16 cents for a period of 24 months from issuance.
• Insider Participation: One director acquired 1,183,334 units. This is classified as a related party transaction under Multilateral Instrument 61-101 but is exempt from formal valuation and minority shareholder approval requirements as the transaction value does not exceed 25% of the company's market capitalization.
• Use of Proceeds: General working capital purposes.
• Fees: No finders' fees were paid.
• Regulatory Status: Closing is subject to receipt of all necessary regulatory approvals and final acceptance by the TSX Venture Exchange.
• Hold Period: All securities are subject to a statutory hold period of four months plus one day from issuance.

Notable Quotes

• None provided in the text.