Envirometal Technologies Inc. (EVLLF)

[TPX]

EnviroLeach Closes Private Placement for $2.35 Million

March 27, 2020

VANCOUVER, BC / ACCESSWIRE / March 27, 2020 / EnviroLeach Technologies Inc. (the "Corporation" or "EnviroLeach"), (CSE:ETI)(OTCQB: EVLLF), is pleased to announce the completion of its previously announced non-brokered private placement having received subscriptions for 3,144,001 units ("Unit") at a price of $0.75 per Unit, for total gross proceeds of $2,358,001. Insiders accounted for 9.8% of the placement.

Each Unit consists of one common share in the capital of the Corporation and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one common share in the capital of the Corporation at a price of $1.00 at any time prior to 4:30 pm PDT on March 25, 2022. The expiry date of the Warrants is subject to acceleration as follows: If at any time after July 25, 2020, the closing price (or closing bid price on days when there are no trades) of the common shares on the Canadian Securities Exchange exceeds CA $2.00 for 15 consecutive trading days, then, the Corporation may send Warrant holders notice of acceleration of the expiry date ("Amended Expiry Date") and issue a news release announcing the Amended Expiry Date. The Amended Expiry Date will be 30 days after the date on which notice of the new date is sent to the Warrant holders.

The securities issued in connection with this private placement will be subject to a hold period under Canadian securities legislation which will expire on July 24, 2018. Finders fees of $37,800 in cash will be paid and 42,000 compensation warrants ("Compensation Warrant") will be issued in connection with the private placement. Each Compensation Warrant will entitle the holder to purchase one unit (consisting of one common share and one common share purchase warrant) at the private placement offering price of $0.75 per unit and will be exercisable until March 25, 2022. Each underlying common share purchase warrant will be subject the same terms as the Warrants.

The Corporation intends to use the proceeds from the private placement for general working capital, E-Waste facility upgrades and to continue the development of its technologies.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.

https://www.streetinsider.com/Accesswire/EnviroLeach+Closes+Private+Placement+for+%242.35+Million/16670450.html