TORONTO, Oct. 28 /CNW/ - Libra Advisors, LLC ("Libra"), announced today that it has acquired 5,263,160 Units of Ecometals Limited ("Ecometals") at a price of $0.38 per Unit in connection with Ecometals' private placement. Each Unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share, at a price of $0.65 per warrant for a period of 24 months, subject to acceleration rights.
As a result of the acquisition, Libra now holds 5,263,160 common shares, representing approximately 8.29% of the outstanding common shares of Ecometals, and 2,631,580 warrants of Ecometals that, if exercised, would result in Libra holding approximately 11.94% of the total outstanding common shares of Ecometals.
Libra acquired these Units for investment purposes and may, from time to time, acquire additional securities of Ecometals or dispose of such securities as it may deem appropriate.
Libra is the investment advisor to Libra Fund, LP and Libra Offshore Master Fund, LP with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.
SOURCE LIBRA ADVISORS, LLC
For further information: For further information: Mr. Ranjan Tandon, Managing Member at (212) 350-5125