VANCOUVER, March 06, 2020 - EnviroLeach Technologies Inc.
(the “Company “or “EnviroLeach”), (CSE: ETI) announces it has arranged a non-brokered private placement offering of 2,500,000 units (each, a “Unit”) at a subscription price of CAD$1.00 per Unit, representing total gross proceeds of CAD$2,500,000.
The Company has received subscription commitments representing the total amount of the private placement. Should the offering be oversubscribed, the Company maintains the right to accept the additional funds. The securities issued in connection with this private placement will be subject to a four month hold period.
Each Unit consists of one common share of EnviroLeach (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder, on exercise, to purchase one additional common share of the Company (a “Warrant Share”) at a price of $1.50 per Warrant Share at any time on or before 24 months from the date of issue. The expiry of the Warrants will be subject to an acceleration clause as follows: If at any time following the expiry of the four month hold period under securities legislation the stock trades at or above $2.50 for 15 consecutive trading days, the Company may accelerate the expiry date to 30 days from date of notice.
The Company intends to use the proceeds from the private placement for upgrades to its E-Waste processing facility and for general working capital. Certain directors, officers and insiders of the Company may participate in the Private Placement.
The Private Placement is expected to close on or about March 16, 2020. The Company may pay a finder's fee in connection with the Private Placement within the amount permitted by the policies of the Exchange. Completion of the offering is subject to all required regulatory approvals, including the acceptance of the Canadian Securities Exchange (the “CSE”).
The shares to be issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption from registration. This press release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About EnviroLeach Technologies Inc.
EnviroLeach Technologies is engaged in the development and commercialization of environmentally friendly formulas and technologies for the treatment of materials in the mining and recycling sectors. Using its proprietary non-cyanide, water-based, neutral pH treatment process EnviroLeach extracts precious metals from ores, concentrates, and E-Waste using only FDA approved additives and ambient temperature water.
Backed by the momentum of a first-class staff of scientists and engineers, tens of thousands individual assays, independent validations, and strategic partners and over $20 million in research and development, EnviroLeach’s technology is emerging as a potential new standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the conventional mining and E-Waste sectors. Further information is available on the EnviroLeach web site: https://enviroleach.com
This News Release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and the United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words “anticipates,” “believes,” “may,” “continues,” “estimates,” “expects,” and “will” and words of similar import, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our Research and Development activities, the accuracy of our capital and operating cost estimates; production and processing estimates; the results, the adequacy of EnviroLeach’s financial resources and timing of development of ongoing research and development projects, costs and timing of future revenues or profits and adequacy of financial resources. Wherever possible, words such as “plans”, “expects”, “projects”, “assumes”, “budget”, “strategy”, “scheduled”, “estimates”, “forecasts”, “anticipates”, “believes”, “intends”, “targets” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of EnviroLeach’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information. The CSE has not approved or disapproved of the information contained herein.
Jason Leikam, VP Corporate Development