Elcora closes second and ultimate personal placement tranche

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THIS PRESS RELEASE IS FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES.

HALIFAX, Nova Scotia, October 08, 2021 (GLOBE NEWSWIRE) – ELCORA ADVANCED MATERIALS CORP. (TSX.V: ERA | Frankfurt: ELM | OTC – ECORF), (the “Firm” or “Elcora”), is happy to announce that it has closed a second and ultimate tranche of its beforehand introduced non-brokered personal placement (see press launch dated September 23, 2021) (the “”Provide“).

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The Firm issued 33,983,700 models at a worth of $ 0.05 per unit for gross proceeds of $ 1,699,185.00 for the second and ultimate tranche. In whole, the Firm issued 56,393,700 models at $ 0.05 for whole gross proceeds of $ 2,819,685.00.

Every unit will consist of 1 (1) widespread share and one (1) share buy warrant (a “To ensure“). Every warrant could also be exercised for one extra share at a worth of $ 0.20 for a interval of eighteen (18) months from situation. If the widespread shares of the Firm commerce at a closing worth higher than $ 0.50 per Share for ten (10) consecutive buying and selling days, the Firm might deliver ahead the expiration date of the warrants for it to expires on the thirtieth day after the date on which such discover is given to holders of warrants.

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No finder’s fee will probably be paid in respect of this providing.

One of many administrators of the Firm participated within the second tranche of the position and can purchase a complete of 420,000 models. The participation of insiders within the Provide is taken into account a “associated occasion transaction” throughout the that means of Regulation 61-101 (“MI 61-101”). The transaction is exempt from the formal evaluation and minority shareholder approval necessities of NI 61-101, as neither the honest market worth of the securities issued nor the consideration paid exceeds 25% of the market capitalization of the Firm.

The Firm intends to make use of the online proceeds for basic working capital functions. All securities issued underneath the supply will probably be topic to a authorized maintain interval of 4 months plus in the future from issuance in accordance with relevant securities legal guidelines. Closing of the providing is topic to receipt of all essential regulatory approvals and ultimate acceptance by the TSX Enterprise Alternate.

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The Firm would additionally wish to announce a correction to its earlier press launch dated September 23, 2021. The press launch said that it had issued 22,510,000 models for gross proceeds of $ 1,125,500 for the primary tranche, whereas in actual fact, the Firm issued 22,410,000 models for gross proceeds of $ 1,120,500 for the primary tranche.

About Elcora Superior Supplies Corp.

Elcora was based in 2011 and has been structured to turn into a vertically built-in graphite and graphene firm. Elcora processes, refines and produces each graphite and graphene. As a part of the vertical integration technique, Elcora secures prime quality graphite and graphene precursor graphite from operations in Sri Lanka and different international locations which might be already in manufacturing. Elcora has developed a value efficient course of to fabricate prime quality graphite, graphite merchandise and graphene which might be commercially scalable. This mix signifies that Elcora has the instruments and assets for the vertical integration of graphite and graphene.

For extra info, please go to the corporate’s web site at:

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For extra info, please contact: Troy Grant, Director, President and CEO, Elcora Superior Supplies Corp., T: +1 902 802-8847 F: +1 902 446-2001.

CAUTION :

The TSX Enterprise Alternate accepts no duty for the adequacy or accuracy of this launch. Neither the TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch. No inventory alternate, securities fee or different regulatory authority has permitted or disapproved of the data contained on this doc. This press launch contains sure “forward-looking statements”. All statements aside from statements of historic truth included on this press launch, together with, with out limitation, statements concerning mineralization and potential reserves, exploration outcomes and Elcora’s future plans and goals, are statements. forward-looking statements that contain varied dangers and uncertainties. There may be no assurance that such statements will show to be correct and that precise outcomes and future occasions may differ materially from these anticipated in such statements. Vital components that might trigger precise outcomes to vary materially from Elcora’s expectations are the exploration dangers detailed right here and sometimes in paperwork filed by Elcora with securities regulatory authorities.

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