Electric Metals Initiates Private Placement to Fund Key Projects

Electric Metals (USA) Limited has announced plans for a non-brokered private placement, aiming to generate up to CAN$4 million through the sale of 13,333,334 units at CAN$0.30 per unit. Each unit comprises one common share and half a non-transferable share purchase warrant, which allows the purchase of a share at CAN$0.45 within 18 months. Proceeds will support several strategic projects, including ore characterization, environmental studies, and permitting for the Emily Mine in Minnesota.

Insiders may participate, potentially categorizing it as a "related party transaction" under Canadian securities law, though likely exempt from formal valuation requirements. U.S. registration restrictions apply, ensuring no U.S. offer or sale. This offering emphasizes Electric Metals' dedication to advancing their North Star Manganese Project and securing a domestic supply chain for manganese products critical to North American markets.