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  • Elcora (ERA) has closed the first tranche of its private placement for gross proceeds of $1,125,500
  • During the course of the entire offering, Elcora may issue up to 60,000,000 units at $0.05 per unit to raise total gross proceeds of up to $3,000,000
  • Upon meeting certain criteria, the company may accelerate the expiry date of the warrants
  • Elcora intends to use the net proceeds for general working capital purposes
  • Elcora Advanced Materials Corp is a graphite and graphene company
  • Elcora Advanced Materials Corp. (ERA) is up 9.09 per cent, trading at C$0.12 per share at 2 pm ET

Elcora (ERA) has closed the first tranche of its private placement for gross proceeds of $1,120,500.

The company issued 22,410,000 units at a price of $0.05 per unit.

The company may issue up to 60,000,000 units at $0.05 per unit to raise total gross proceeds of up to $3,000,000.

Each unit will consist of one common share and one share purchase warrant. Each warrant can be exercised for an additional share at a price of $0.20 for a period of eighteen months.

In the event that Elcora’s common shares trade at a closing price of greater than $0.50 for ten consecutive trading days, the company may accelerate the expiry date of the warrants.

No finder’s fees will be paid with respect to this offering.

Elcora intends to use the net proceeds for general working capital purposes.

Elcora processes, refines and produces both graphite & graphene.  Elcora has developed a cost-effective process to make high-quality graphite, graphite products and graphene that are commercially scalable.

Elcora Advanced Materials Corp. (ERA) is up 9.09 per cent, trading at C$0.12 per share at 2 pm ET.

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