Ecometals Ltd. announced that it has received CAD 0.05 million in funding.
On January 18, 2013, the company issued 1,309,570 units for gross proceeds of CAD 45,834.95. The warrants entitle the holder thereof to acquire one common share at a price of CAD 0.07 per share until January 18, 2014 and thereafter at CAD 0.10 per share until January 18, 2015. The transaction was approved by the board of directors of the company, excluding Russell Fryer, a director of the company who subscribed for units for proceeds of CAD 9,850. The securities issued are subject to a hold period of four months expiring on May 19, 2013.
On January 21, 2013, Ecometals Ltd. closed the transaction. The company issued additional 245,000 unitsfor proceeds of CAD 8,575, thus raising the gross proceeds to CAD 54,409.95. The warrants entitle the holder thereof to acquire one common share at a price of CAD 0.07 per share until January 21, 2014 and thereafter at CAD 0.10 per share until January 21, 2015. Five placees participated in the transaction. TSX Venture Exchange has accepted for filing documentation.