Electra Builds $20M ATM Program and Changes US Transaction Symbol to ELBMF – QNT Press Release

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Toronto, January 13, 2022 /CNW/ – Electra Battery Materials (TSXV:ELBM) (OTCQX:FTSSF) (This”company” or”Electra“) announced today that it has established an on-market share plan (“ATM Program“) allows companies to issue up to $20,000,000 common stock (“common stock“) is made available to the public from time to time at the Company’s discretion.

An increasing number of public companies have market equity plans in place as it provides the flexibility to sell equity during suitable market windows at lower commissions than traditional equity financings.

It is expected that the sale of common stock, if any, under the ATM program will be made in a transaction that is considered a “market allocation” as defined in State Instrument 44-102— Shelf distribution, as a direct sale on TSX Venture (“Toronto Stock Exchange“) or any other recognized Canadian “market” within the meaning of National Instrument 21-101— Market operation, at the current market price at the time of sale. Because common shares will be distributed at the current transaction price at the time of sale, prices may vary by purchaser and distribution period.

The company intends to use the net proceeds, if any, from the sale of any common stock under the ATM program for growth programs related to its battery materials complex, Iron Creek exploration activities and general corporate purposes.

Distributions of common stock, if any, through the ATM Program will be made pursuant to the terms of the Equity Distribution Agreement (“distribution agreement“) company and CIBC Capital Markets (the “agent“). The number and timing of allocations (if any) under the ATM Program will be at the sole discretion of the Company. The Company is not obligated to sell any Common Stock under the ATM Program, and on the date of this Agreement, the Company has not allocated Common Stock pursuant to the Distribution Agreement. The ATM Program will be issued on the earlier date and prior to the issuance and sale of all ordinary shares under the ATM Program. December 26, 2022, unless the company or agent terminates before that date.

ATM program is being replenished according to dated prospectus January 13, 2022 (This”Prospectus…

The full story is available on Benzinga.com

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