Electric Metals (TSX-V:EML) (USA) Limited has closed the first tranche of its previously announced non-brokered financing, the company announced.
The company issued 1,702,128 units at a price of $0.235 per unit for gross proceeds of $400,000. Each unit consisted of one common share and one share purchase warrant with an exercise price of $0.35.
Much of the funds will be used for exploration and development of the Emily Manganese Project in Minnesota, including continued drilling, battery test work and process design, and preliminary mine studies.