E3 Lithium Announces Closing of Upsized Equity Offering of $12.2 Million

Executive Summary

• E3 Lithium closed its public offering of 10,150,000 units, raising gross proceeds of C$12.18 million.
• Each unit consists of one common share and half a warrant; warrants are exercisable at C$1.50 per share until 14 Oct 2028.
• Proceeds will fund the Clearwater Project’s demonstration facility, permitting work toward feasibility (targeted completion end‑2026), and general working capital.

Key Details

• Offering Size: 10,150,000 units sold for C$12,180,000 gross proceeds.
• Unit Composition: 1 common share + ½ warrant per unit.
• Warrant Terms: One whole warrant (covering two units) allows purchase of one common share at C$1.50, exercisable until 14 Oct 2028.
• Lead Underwriters: TD Securities Inc. (co‑lead agent & sole bookrunner) and Roth Canada Inc. (co‑lead agent), with syndicate members ATB Securities Inc. and Stifel Nicolaus Canada Inc.
• Use of Proceeds:
• Advance the Demonstration Facility for the Clearwater Project to support engineering design.
• Fund ongoing permitting activities toward a Feasibility Study, aimed for completion by end‑2026.
• Provide general working capital.
• Insider Participation: Two directors (one also an officer) and two officers purchased 94,170 units at an aggregate price of $113,004; transaction exempt from MI 61‑101 valuation/approval thresholds.
• Listing Application: Warrants have received conditional approval for listing on the TSX Venture Exchange, pending fulfillment of all exchange requirements.
• Prospectus Reference: Units issued under a prospectus supplement filed 8 Oct 2025, pursuant to the company’s final short‑form base shelf prospectus dated 21 Jun 2024.

Notable Quotes

“One of the critical aspects of E3 Lithium’s Clearwater Project is our ability to move our project quickly through the permitting phases and ensuring the Company is adequately financed enables us to fulfill our goals and maintain our pace,” – Chris Doornbos, President & CEO.

Materiality Assessment: Material – Positive (significant capital raise supporting key project milestones).