Electra Battery Materials Corporation (TSX-V:ELBM, NASDAQ:ELBM) has updated its at-the-market equity program to issue up to C$20 million of common shares in the US and Canada at its discretion, the company announced.
The update is to permit sales of common shares under the ATM Program in the United States following the company’s listing on the Nasdaq last month.
Sales under the ATM program will be completed in accordance with the terms of an amended and restated equity distribution agreement dated May 17, among Electra, CIBC World Markets Inc (the Canadian Agent) and CIBC World Markets Corp (the US Agent).
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The sales, if any, will be made through at the market issuances on the Nasdaq, TSX Venture Exchange or any other trading markets in the US and Canada at the market price. The ATM program will be effective until all shares have been issued or December 26, 2022, whichever is earlier.
Net proceeds are expected to be used for growth initiatives relating to the company’s battery materials complex, for Iron Creek exploration activities and for general corporate purposes.
Electra's core strategy is to produce low carbon, ethically sourced battery materials for the North American electric vehicle supply chain. It focuses on creating the first integrated battery materials park in North America, providing refined cobalt, nickel and recycled battery materials.
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