Electra Battery issues 15M units at $1.10 in private placement

Electra Battery Materials announced the close of its previously announced brokered private placement and concurrent non-brokered private placement for aggregate gross proceeds of $21.5M. Under the terms of the offering, the company issued 15M units at a price of $1.10 per unit. Red Cloud Securities acted as lead agent and sole bookrunner and Titan Partners Group, a division of American Capital Partners, acted as co-agent on behalf of a syndicate of agents. The balance of the offering was completed on a non-brokered private placement basis in which 4,545,454 units were issued for aggregate gross proceeds of $5M on the same terms as the marketed offering. Electra intends to use the net proceeds of the offering to advance its black mass recycling strategy, its cobalt refinery, for working capital to retire existing payables, and general corporate purposes.