EMC Metals Corp. (TSX: EMC) has announced that it has received subscriptions for a private placement of 7,450,000 units of the Company.
The units were offered at $0.10 per unit, resulting in gross proceeds of $745,000. Each unit is comprised of one common share of the Company and one half of a share-purchase warrant. Each full share-purchase warrant will entitle the holder to acquire one common share of the Company at a price of $0.18 for a term of one year from the date of issuance. All securities issued under the non-brokered private placement are subject to a hold period expiring four months after the closing date. Closing of the Private Placement is subject to approval of the Toronto Stock Exchange.
The proceeds from this financing will be used for general working capital, including metallurgical test work on the Nyngan Scandium Project Joint Venture in New South Wales (NSW), Australia.
Technical information in this news release has been reviewed by Gilles R. Dessureau, M.Sc. P.Geo a Qualified Person for the purposes of NI 43-101. Mr Dessureau is a Professional Geologist employed by EMC Metals.
Source: EMC Metals Corp.