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Elcora to raise C$3M via private placement

ElcoraAdvanced Materials Corp. said April 26 that it plans to raiseaggregate gross proceeds of up to C$3 million through a nonbrokered privateplacement.

The placement will see the issue of 7,500,000 company unitspriced at 40 cents each.

Each unit comprises 1 common share and 0.5 share purchasewarrant. Each full warrant will allow the holder to purchase 1 additionalElcora share at an exercise price of 52 cents apiece, for a three-year periodfollowing the closing.

The company plans to use the proceeds to fund additionallithium-ion battery testing and for general corporate purposes.

The placement is expected to close by May 9.