Electra Battery Materials Corporation (TSX-V:ELBM, NASDAQ:ELBM) has announced plans to raise around US$8 million via a public offering of units in the company.
The fundraising will be led by Cantor Fitzgerald with each unit on offer consisting of one common share in the company and one full warrant to buy one common share for a period of 36 months at a price to be determined.
Electra, which is a processor of low-carbon, ethically-sourced battery materials, said the units will be offered to the public in all provinces of Canada, other than Québec, in the US and other international jurisdictions, as the company and dealers agree.
READ: Electra Battery Materials starts commissioning black mass recycling demonstration plant north of Toronto
Proceeds from the offering will be used for capital expenditures associated with the expansion and recommissioning of the company’s wholly-owned hydrometallurgical cobalt refinery, including buildings, equipment, infrastructure, and other direct costs, as well as engineering and project management costs.
The offering is expected to close on or about 15 November and is subject to the receipt of all necessary regulatory approvals.
The company said there can be no assurance as to whether the offering would be completed or as to its actual size.
Contact the author at jeremy@proactiveinvestors.com