Electric Metals Closes $3 Million Private Placement

Electric Metals (USA) Limited, listed on TSXV under the ticker EML and OTCQB as EMUSF, has successfully completed a non-brokered private placement, raising approximately C$3.0 million. This financial move, spearheaded by key investors Eric Sprott and Crescat Capital, aims to advance the company's Emily Manganese Project in Minnesota. The project promises to supply the U.S. electric vehicle battery sector with high-purity manganese products.

The private placement involved issuing 25,000,331 units priced at C$0.12 each. Each unit comprises one common share and one-half of a common share purchase warrant. These warrants allow the purchase of an additional share at C$0.20 over 18 months.

Eric Sprott and Crescat Capital's involvement reinforces Electric Metals' strategic direction. Kevin Smith, CEO of Crescat Capital, emphasized the project’s potential amid rising demand for high-purity manganese sulfate monohydrate. The project's alignment with U.S. policies to bolster domestic mineral supply chains highlights its strategic importance.