Elcora Announces Closing of Private Placement of Convertible Promissory Note

HALIFAX, Nova Scotia, May 16, 2024 (GLOBE NEWSWIRE) — ELCORA ADVANCED MATERIALS CORP. (TSX.V: ERA | Frankfurt: ELM | OTCQB – ECORF), (the “Company” or “Elcora”), a leading battery manufacturer metal exploration company, announces that the Company has closed a private placement a convertible promissory note, bearing interest at 8%, unsecured, in a principal amount of CA$102,750 (the “Private placement“).

The convertible promissory note has a maturity date of September 27, 2024 and the principal amount may be converted in whole or in part into fully paid, non-assessable ordinary shares (the “Ordinary actions“) in the capital of the Company at the conversion price of CA$0.05 per common share, resulting in the issuance of a maximum of 2,055,000 common shares upon conversion of the convertible promissory note in accordance with its terms. Any accrued and unpaid interest may be converted into additional common shares in a subsequent share-for-debt deposit with the TSX Venture Exchange, which will also be subject to acceptance by the TSX Venture Exchange at that time. -there.

The Company intends to use the net proceeds for general working capital purposes. All securities issued in the private placement will be subject to a statutory hold period of four months plus one day from issuance, in accordance with applicable securities laws. Closing of the offering is subject to receipt of all necessary regulatory approvals and final acceptance by the TSX Venture Exchange.

About Elcora Advanced Materials Corp.
Elcora was founded in 2011 and was structured to be a vertically integrated battery materials company. Elcora can process, refine and produce battery-related minerals and metals. As part of its vertical integration strategy, Elcora has developed a cost-effective process to purify high-quality, commercially scalable battery metals and minerals. This combination means Elcora has the tools and resources needed to vertically integrate the battery minerals and metals industry.

For further information, please contact: Troy Grant, Director, President and CEO, Elcora Advanced Materials Corp., T: +1 902 802-8847

For more information, please visit the company’s website at:
http://www.elcoracorp.com

CAUTION :
The TSX Venture Exchange accepts no responsibility for the adequacy or accuracy of this release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This press release includes certain “forward-looking statements.” All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Elcora, are statements forward-looking statements which involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Elcora’s expectations are the exploration risks detailed herein and from time to time in Elcora’s filings with securities regulators.

Investors are cautioned that, unless otherwise stated in the filing statement prepared in connection with the transaction, any information posted or received regarding the transaction may not be accurate or complete and should not be relied upon.