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Electric Metals ( (TSE:EML) ) has issued an update.
Electric Metals (USA) Limited announced a non-brokered private placement offering to raise up to CAN$4 million through the issuance of 13,333,334 units. The proceeds will be used to advance initiatives like ore characterization, metallurgical test work, and permitting for the Emily Mine, among others. This move is part of the company’s strategy to enhance its operations and strengthen its position in the critical minerals industry, particularly in the manganese sector, which is vital for lithium-ion battery production. The offering also highlights the company’s commitment to developing a domestic supply chain for high-purity manganese products in the U.S., which is strategically important given the lack of current domestic production.
More about Electric Metals
Electric Metals (USA) Limited is a U.S.-based critical minerals company focused on advancing manganese and silver projects to support the electrification of various sectors. The company’s principal asset is the Emily manganese deposit in Minnesota, known as the highest-grade manganese deposit in North America. Their North Star Manganese Project aims to establish a fully domestic U.S. supply of high-purity manganese chemical and metal products for the North American electric vehicle battery, energy storage, technology, and industrial markets.
Average Trading Volume: 247,781
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$48.26M
Learn more about EML stock on TipRanks’ Stock Analysis page.