Electra unveils terms of $30m financing to complete cobalt refinery
Dual-listed Electra Battery Materials on Friday announced the detailed terms of its previously flagged $30-million private placement, a key step in its restructuring and in completing construction of North America’s first battery-grade cobalt sulfate refinery.
The Toronto-based company said it would sell a minimum of 40-million units at $0.75 apiece, each consisting of one common share and a warrant exercisable at $1.25. The warrants will become exercisable 60 days after the deal closes and remain valid for 36 months. The agents, led by Cantor Fitzgerald Canada and ECM Capital Advisors, also have a 15% overallotment option.
The offering is backed by a $10-million conditional commitment from existing lenders and is expected to raise at least $30-million. Proceeds will go toward completing and ramping up the Temiskaming Shores cobalt refinery in Ontario, advancing the company’s black mass recycling programme, repaying $2 million in short-term notes, and general corporate purposes. If gross proceeds exceed $34.5 million, the excess will be used to repurchase senior secured convertible notes.
The financing is expected to close about October 15, alongside the completion of the company’s restructuring plan, subject to shareholder approval and regulatory clearances.
Electra is developing what it says will be the only cobalt sulphate refinery in North America, part of its broader strategy to build a domestic supply chain for lithium-ion batteries. The company is also pursuing nickel refining and battery recycling projects.
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