Elcora Advanced Materials Announces Commencement of Graphene Facility and Extend Warrants
Halifax, Nova Scotia--(Newsfile Corp. - February 10, 2016) - Troy Grant, President and CEO of ELCORA ADVANCED MATERIALS CORP. (TSXV: ERA) (FSE: ELM) (OTCQB: ECORF), (the "Company" or "Elcora"), is pleased to announce that the company has started construction of its graphene production facility.
Elcora is constructing its own graphene production facility in the Canadian city of Halifax, Nova Scotia to supply premium quality graphene. The plant has a modular design wherein each "line" can produce 100 kg of graphene per year. The plant uses a graphite pre-cursor specially processed and refined for the Elcora graphene process within our vertically integrated supply chain. The current world-wide market for graphene is on the order of a tonne per year. The company plans to increase production as the total market, and the company's market share, increases.
According to Dr. Flint, Elcora's Qualified person, the current value of graphene varies between $5 and $100 a gram depending on quality. In addition, an additional 400 kg of high purity micro-graphite that in itself is a valuable product with a value to the order of $0.20 - $0.30 per gram.
Equipment for the project has been specified and ordered. Installation is anticipated to commence in February and March of 2016 with full production anticipated within the second quarter of 2016.
Mr. Troy Grant comments- "this is a very important step forward for Elcora in that this is the commencement of the production of a multi-disciplined research and development effort within Elcora's vertical integration model wherein processes at each stage have been optimized for graphene production. This facility will supply quality graphene to the research and development community, and eventually lead to the production of various applications."
The Company has resolved to extend the expiry date of 2,632,643 share purchase warrants issued pursuant to a non-brokered private placement financing in August 2014 (the "2014 Warrants"). The extension is subject to final TSX approval.
Each 2014 Warrant was exercisable to purchase one common share of the Company at an exercise price of $0.43 per share until February 16, 2016, which expiry date has now been extended to February 16, 2017. All other terms of the 2014 Warrants remain unchanged and in full force and effect.
Warrant holders are advised that replacement warrant certificates will not be issued. In order to effect the exercise of such warrants, the original warrant certificates must be delivered as directed in the warrant certificates.
Ian Flint, Ph.D., P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.
For further information please contact: Troy Grant, President and CEO, Elcora Advanced Materials Corp., T: 902 802-8847 F: 902 446-2001.
The TSX Venture Exchange does not accept 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 News 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 forward-looking statements that 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 exploration risks detailed herein and from time to time in the filings made by Elcora with securities regulators.
Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon.