Jaguar8 commented on a stock · Sep 10, 2024 19:53

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Electra Announces $20 Million Strategic Investment Proposal

TORONTO, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ:ELBM, TSXV:ELBM) ("Electra" or the "Company") today provided an update on its financing strategy for North America's first battery grade cobalt refinery, announcing that it has received a non-binding term sheet for a $20 million prepayment facility from an arms-length strategic player in the battery materials sector. Several other financing discussions have been advancing alongside this proposal to raise the $60 million for project completion plus amounts for working capital and operations during the construction and commissioning phases.
Electra CEO, Trent Mell, commented, "Interest from sophisticated strategic partners indicates strong confidence in Electra, and with the continued support of investors, governments and downstream customers, we are well-positioned to realize our vision of a North American battery materials supply chain."
The strategic investment announced today is equal to the $20 million award Electra received from the U.S. Department of Defense pursuant to Title III of the Defense Production Act (DPA) last month. More than 90% of battery grade cobalt is produced by Chinese companies today, and none in North America.

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Jaguar8

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