- E3 Metals has formed a Technical Advisory Board to guide development of its lithium concentration and extraction technology process design
- E3 Metals announces non brokered private placement of up to 3,750,000 units a price of $.40 per unit for gross proceeds of $1,500,000
CALGARY, June 12, 2018 /CNW/ - E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTC: EEMMF) (the "Company" or "E3 Metals") is pleased to announce the establishment of a Technical Advisory Board to guide development of the Company's lithium extraction technology. Two new advisors, Shaun Presow (PhD Chemistry) and Mike Dixon (P.Eng, PhD Process Engineer) will join existing advisor Wayne Monnery (P. Eng, PhD Chemical Engineer) to form the Company's technical advisory board. Dr. Presow has a background in inorganic chemistry and has worked on lithium cathode regulatory affairs and technology development with BASF. Dr. Dixon is an experienced water treatment engineer that has successfully developed and commercialized advanced desalination membrane technology. Dr. Monnery has successfully designed and built major processing facilities in Alberta's oil and gas industry. All three members bring relevant technical skills and expertise to E3 Metals as well as experience in commercial technology development. Building on recently announced concentration technology results, the Technical Advisory Board will provide guidance to the Company as it continues to develop its lithium concentration and extraction technology processes.
"The development of a Technical Advisory Board supports our continued focus on advancing the Company's lithium extraction technology," commented E3 Metals President and CEO Chris Doornbos. "Each member brings a skill set and experience that is in line with E3 Metals' development plans and we look forward to their close involvement in the Company's growth".
Dr. Shaun Presow has an extensive background in inorganic chemistry, graduating with a BSc(Hons) from the University of Otago in New Zealand and a PhD Inorganic Chemistry from the Ruhr University Bochum in Germany. After completing his PhD, he worked as a science advisor at the European Chemical Industry Council in Brussels. Since 2013, Shaun has been working for the chemical firm BASF in Ludwigshafen, Germany. His previous role in the Catalysts Division, which includes lithium ion battery cathode materials, included managing projects involving the research, manufacturing and commercial departments, as well as liaising with customers on regulatory issues.
Dr. Mike Dixon is a global expert in desalination and water treatment technology working with membrane and thermal technologies in Australia, North America, the Middle East, the Caribbean and Asia. Mike has worked across the entire value chain with technology manufacturers, water utilities, oil and gas companies, pharmaceutical companies and research hubs. Mike is the CEO and Founder of Synauta Inc, an Internet of Things company leveraging opex savings for power and water utilities by providing cyber security, sensor networks and software. He is also Chief Technology Officer for WaterNEXT (Western Canada's Water technology accelerator). Prior to Synauta, Mike was Applications Development Manager for NanoH2O, a global provider of reverse osmosis membranes that leveraged UCLA developed nanotechnology to lower the cost of desalination with over 300 installations in 40+ countries in the three years from market launch. LG Chem acquired NanoH2O in 2014. Mike is experienced with the development of intellectual property and the commercialization of new technologies. He has more than 60 publications in international journals and is an author of several books and book chapters.
Dr. Wayne Monnery is E3 Metals' Chief Technical Advisor for extraction and process engineering. Wayne has a PhD in Chemical Engineering specializing in thermodynamics, physical properties and process design and has 30+ years' experience in process engineering development and design in the chemical and petroleum industries. This includes advising on the scale-up from bench scale to pilot and ultimately commercial scale process facilities with Xergy Processing Inc and ME Resource Corp. Dr. Monnery is also an Adjunct Associate Professor in Chemical and Petroleum Engineering at the University of Calgary. He is the owner, president and director of Chem-Pet Process Technology Ltd.
E3 is pleased to announce that it has arranged a non-brokered private placement to raise gross proceeds of up to $1,500,000 (the "Offering"). The Offering will consist of the issuance of up to 3,750,000 Units at a price of $0.40 per Unit for gross proceeds of up to $1,500,000. Each Unit shall consist of one common share of the Company (a "Share") and 1/2 of one Share purchase warrant (each whole such warrant a "Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one Share at a price of $0.60 for a period of 18 months following closing of the Offering (the "Expiry Date"), subject to acceleration. If at any time between the Expiry Date and the date that is six months and one day from the closing of the Offering, the 20-day volume weighted average price (VWAP) of the Company's shares on the TSX Venture Exchange is equal to or greater than $0.80, then the Company may, at its sole option, elect to provide notice (the "Acceleration Notice") to the holders of the Warrants, which Acceleration Notice may be provided by news release, that the Warrants will expire at 4:00 p.m. (Calgary time) on the date that is 30 days from the date of the Acceleration Notice (the "Accelerated Expiry Date"). In such instance, all Warrants that are not exercised prior to the Accelerated Expiry Date shall expire on the Accelerated Expiry Date.
In connection with the Offering, the Company has agreed to pay finders ("Finders") a cash fee in an amount up to 7.5% of the gross proceeds of the Offering, to be paid at closing out of the gross proceeds raised from the Offering. As additional consideration, the Company may grant Share purchase warrants (the "Finder's Warrants") entitling the Finders to subscribe for up to that number of Shares equal to 10.0% of the aggregate number of Units sold in the Offering. Subject to regulatory approval, each Finder's Warrant will be exercisable to acquire one Share of the Company at a price of $0.60 for a period of 18 months after the closing date of the Offering, subject to acceleration on the same terms as the Warrants.
The net proceeds received from the Offering will be used to finance the costs of the Offering, to support advancement of the Company's lithium brine extraction technology and for general working capital purposes. All securities issued under the Offering will be subject to a four-month hold period from the date of issue in accordance with applicable securities laws. The Offering is subject to acceptance of the TSXV.
About E3 Metals Corp.
E3 Metals is a Petro-Lithium company rapidly advancing the development of direct recovery lithium brine projects in Alberta. E3 Metals holds lithium resources at 6.7 Mt LCE (inferred)1. The Company has a compelling competitive advantage by virtue of having access to extensive infrastructure built by the Oil and Gas industry in Alberta. This has provided E3 Metals with low finding costs, as the Company has been able to sample existing wells to define its resource. This infrastructure may also provide wells and pipelines for a future lithium production operation, potentially reducing the Company's future capital requirements. The Company's immediate goal is to demonstrate a commercially viable chemical concentration process and believes this is a key driver to commercial production of its Alberta lithium brine resources. More information about E3 Metals can be found on our website by visiting: www.e3metalscorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chris Doornbos, President & CEO
E3 METALS CORP.
Chris Doornbos (P.Geo), CEO and Director of E3 Metals Corp., is a Qualified Person as defined by NI 43-101 and has read and approved the technical information contained in this announcement.
1 E3 Metals has released information on three 43-101 Technical Reports totalling resource of 6.7 Mt LCE. The Central Clearwater Resource Area (CCRA) Technical Report, identifying 1.9Mt LCE (inferred), is dated effective October 27, 2017, and the North Rocky Resource Area (NRRA) Technical Report was dated effective October 27, 2017, identifies 0.9Mt LCE (inferred). Both reports are available on SEDAR (www.sedar.com). A third report for the Exshaw West Resource Area (EWRA), identifies 3.9Mt LCE (inferred) and will be released within the next week.
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.
This news release includes certain forward-looking statements concerning the potential of the Company's projects to produce saleable lithium byproducts, including LCE, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
SOURCE E3 Metals Corp.
For further information: #205-227 10th St NW, Calgary, AB, T2N 1V5, +1 (877) 319-7634, [email protected], e3metalscorp.com