In pre-market activity on Wednesday, Electra Battery Materials Corporation (NASDAQ: ELBM) was down -21.04% at $2.44. The decline occurred immediately after a facility expansion stock offering announcement and one day before the release of its quarterly results.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
The equity offering ELBM announced is which one?
Electra Battery (ELBM) intends to launch a “best efforts” overnight-marketed public offering of the Company’s units under the direction of Cantor Fitzgerald Canada Corporation. Each unit is anticipated to include one common share in the company’s capital and one full warrant to purchase one Common Share for a period of 36 months at a price per unit and final terms that will be decided in the context of the market, with expected gross proceeds of up to about US$8 million.
In conjunction with the Equity Offering, Electra Battery has filed a preliminary prospectus supplement to its final short form base shelf prospectus dated November 26, 2020, as revised by amendment no. 1 dated November 30, 2021. Except for Quebec, all Canadian provinces’ securities regulatory bodies received the prospectus supplement. In accordance with the Multijurisdictional Disclosure System established between Canada and the United States, the Prospectus Supplement was also filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of a registration statement on Form F-10, effective upon filing with the SEC on May 16, 2022.
The Units are being made available to the general public in all Canadian provinces, excluding Québec, the United States, and any other foreign countries that ELBM and the dealers agree upon. In order to expand and re-commission the Company’s wholly-owned hydrometallurgical cobalt refinery, Electra Battery plans to make capital investments. These investments will cover expenses for buildings, infrastructure, and other direct costs, as well as charges for engineering and project management.
When will ELBM conclude the offering?
The closure of the equity offering is anticipated to occur on or around November 15, 2022, by Electra Battery (ELBM), subject to the usual closing requirements, which include obtaining all required regulatory approvals, including those of the TSX Venture Exchange and The Nasdaq Stock Market. The completion of the Equity Offering, as well as its size and other details, were not guaranteed by ELBM.
