RENO, Nev.--(BUSINESS WIRE)--EMC Metals Corp. (the “Company” or “EMC”) (TSX: EMC) announces that it has completed a private placement of 5,534,411 common shares for a total of C$470,425 in gross proceeds, at a price of C$0.085 per share. The Company paid finders’ fees of C$2,975 on the transaction. A portion of the placement (31%) was sold to directors of the Company.
The proceeds from the financing will be used for general working capital, and specifically for the advancement of the Company’s Nyngan Scandium Project in NSW, Australia.
All securities issued under the private placement are subject to a Canadian hold period expiring four months after the closing date. The securities are also subject to further restrictions on resale under U.S. federal securities laws.
For additional information, please contact:
EMC Metals Corp.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.