Enerev5 Metals Completes Final Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - July 11, 2022) - Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB: ENEVF) (the "Company") announces that it has completed the final tranche of its previously announced brokered private placement of units ("Units"), raising gross proceeds of $36,280 from the sale of 725,600 Units at a price of $0.05 per unit. Each Unit consisted of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.10 for a period of two years from the date of issue. The Company paid the placement agent, IBK Capital Corp., a cash fee of $3,265, and issued to the placement agent 72,560 non-transferable broker warrants (the "Broker Warrants") in connection with the completion of the final tranche. Each Broker Warrant entitles the holder to acquire one Unit of the Company (having the same terms as those issued in the final tranche) at a price of $0.05 for a period of 2 years from date of issuance.
The Company issued an aggregate of 5,035,600 Units in all tranches of the private placement raising aggregate gross proceeds of $251,780. Net proceeds from the private placement will be used for working capital and other general corporate purposes. All securities issued in the private placement are subject to a 4-month hold period.
About Enerev5 Metals Inc.
Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB:ENEVF) is a Canadian resource company focusing on exploration and development potential, in Africa and other global jurisdictions, related to energy metals such as cobalt, copper and other strategic battery minerals, as well as other net zero related assets. ENEV is committed to exploration and development programs contributing towards net zero carbon and a sustainable energy future.
For more information on the Company, investors should review the Company's filings at www.sedar.com.
For additional information, please contact:
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130555