Electric Metals Closes First Tranche, Extends Private Placement

Electric Metals (USA) Limited has announced the closure of the first tranche of its non-brokered private placement, raising C$583,700 through the issuance of 5,837,000 common shares at $0.10 each. This follows their prior release dated October 31, 2024.

The company secured a 30-day extension from the TSX Venture Exchange to close a second tranche, pushing the final deadline to January 13, 2025. Shares issued are subject to hold periods varying by subscriber location.

Insider participation involved directors subscribing to 3,737,000 shares, constituting a related party transaction as per Regulation 61-101. However, the exemption from formal valuation was applied, and a report will be filed accordingly.

The offering's securities will not be available in the U.S. market without relevant registration or exemptions.