Proactive Investors - EnviroMetal Technologies (CSE:ETI) has announced a non-brokered private placement to raise up to $1 million to advance its precious metal extraction processes.
The funds generated from this private placement will be allocated towards engineering and design studies, project development for a commercial demonstration of the company's sustainable gold recovery technology at client sites, and general working capital.
The placement will consist of up to 20 million units priced at $0.05 per unit, each comprising one common share and one common share purchase warrant.
The warrants will allow holders to purchase an additional common share at $0.10 per share for the first year and $0.15 per share for the subsequent year following the date of closing.
The financing is expected to close by October 20, 2023, contingent upon fulfilling specific closing conditions and regulatory approvals, including those from the Canadian Securities Exchange.
Vancouver-based EnviroMetal Technologies specializes in environmentally friendly formulas and technologies for treating materials in both primary and secondary metals industries. The company employs its proprietary treatment process, which is non-cyanide, water-based, and neutral in pH, to extract precious metals from various sources like ores, concentrates, and other materials containing gold.