TORONTO, April 11, 2022 /PRNewswire/ – Electra Battery Materials Corporation (TSXV:ELBM) (OTCQX:ELBMF) (“Electra“or the”Company“) announces that as of the close of business the April 12, 2022the Company will consolidate (the “Consolidation“) its outstanding share capital on the basis of one (1) post-Consolidation share for eighteen (18) pre-Consolidation shares. April 13, 2022the common shares of the Company will begin trading after the consolidation under the existing ticker symbol “ELBM” and new CUSIP: 28474P201.
The Consolidation is being undertaken with a view to a possible listing of the Company’s common stock on the Nasdaq Stock Market LLC (“Nasdaq“). The Combination was previously approved by the Company’s shareholders at the annual and extraordinary general meeting held on December 22021.
As of the date of this press release, the Company has 562,414,189 common shares issued and outstanding. After completion of the Combination, the Company is expected to have approximately 31,245,233 common shares issued and outstanding. The exercise price and the number of common shares issuable upon the exercise of the Company’s outstanding options, warrants and convertible notes will also be adjusted proportionately upon completion of the consolidation.
A letter of transmittal will be mailed to registered shareholders once the consolidation has become effective. The Letter of Transmittal contains instructions on how registered shareholders may exchange their share certificates evidencing their pre-consolidation shares for new share certificates representing the number of post-consolidation shares to which they are entitled.
Beneficial owners holding their shares through a brokerage firm may be subject to different procedures to obtain their shares post-consolidation. If shareholders have any questions in this regard, they are invited to contact their respective brokerage or intermediary.
Readers are cautioned that although the Company has applied for listing on Nasdaq, completion of a listing is subject to regulatory approvals and satisfaction of applicable listing requirements. There can be no assurance that a listing will be completed and, if a listing is completed, it is expected that the common shares of the Company will continue to trade Canada on the TSX Venture Exchange.
About Electra Battery Materials
Electra plans to build a fully integrated, localized and environmentally sustainable battery material fleet. Leveraging the company’s mining assets and business partners, the Electra Battery Materials Park is expected to house cobalt and nickel sulfate production plants, a large-scale lithium-ion battery recycling facility and production of battery precursor materials, which will serve both North American and global customers. Electra also owns the advanced-stage Iron Creek cobalt-copper project in Idaho, United States. Electra Battery Materials is an integral part of the North American battery supply chain, providing low-carbon, sustainable and traceable raw materials for the region’s fast-growing electric vehicle industry.
On behalf of Electra Battery Materials.
Chief executive officer
For more information visit www.ElectraBMC.com
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.
Caution Regarding Forward-Looking Statements
This press release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Generally, forward-looking statements can be identified by the use of terms such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations thereof. of such words, or statements that certain actions, events, or results “could”, “could”, “would”, “could”, “occur”, or “would be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the MD&A and other risk factor information for Electra Battery Materials Corporation, filed on SEDAR at www.sedar .com Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing forward-looking statements are reasonable, undue reliance should not be placed on such statements, which speak only as of the date of this release. releases, and no assurance can be given that such events will occur within the timeframes advertised or at all. Except as required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Electra Battery Materials Corporation