Electra Battery Materials Secures $21.5 Million to Advance Its Cobalt Refinery, Black Mass Recycling
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Electra Battery Materials Corporation has closed on the brokered private placement and concurrent non-brokered private placement for aggregate gross proceeds of $21.5 million.
“Despite a backdrop of challenging market conditions, our ability to successfully close our financing and receive strong support from investors around the world for our unit offering is a testament to the progress we have made building excellent relationships with key stakeholders in the EV battery supply chain, demonstrating our black mass recycling capabilities, and attracting strategic investors to help advance development of our refinery complex,” said Trent Mell, Electra’s CEO.
“With a strengthened balance sheet, we expect to build on our momentum in the months ahead as we work towards onshoring of the EV supply chain to North America,” added Mell.
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.
Electra Battery Materials is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America’s only cobalt sulfate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra’s refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec.
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Each Unit consists of one common share of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $1.74 at any time on or before August 11, 2025.
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.
