Electra Battery Materials Corporation (TSX-V:ELBM, NASDAQ:ELBM) has raised US$5.5 million after closing its previously announced public offering which was led by Cantor Fitzgerald.
The offering of units in Electra, which is a processor of low-carbon, ethically sourced battery materials, was priced at US$2.35 per unit with each unit comprising one common share of the company and one common share purchase warrant.
Each warrant entitles the holder to purchase one common share at a price of US$3.10 at any time on or before the date that is 36 months after the closing date of the offering, the company said in a statement.
READ: Electra Battery Materials provides 3Q update on commissioning of its cobalt refinery and launch of black mass recycling demonstration plant
Proceeds from the offering will be used for capital expenditures associated with the expansion and recommissioning of the company’s wholly-owned hydrometallurgical cobalt refinery, including buildings, equipment, infrastructure, and other direct costs, as well as engineering and project management costs.
The company announced the offering on 8 November and had initially hoped to raise US$ million.
Shares in Electra were 3.96% higher at C$3.41.
Contact Jeremy at jeremy@proactiveinvestors.com