EnviroMetal Technologies Inc. announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.25 per unit for gross proceeds of up to CAD 2,500,000 on January 24, 2022. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at a price of CAD 0.50 per share for a period of twenty-four months from the date of closing.

If the closing price of the common shares traded on the Canadian Securities Exchange exceeds CAD 1.50 for 15 consecutive trading days, the company may accelerate the expiration date of the warrant, provided that the company gives notice of the acceleration by way of news release on or within 10 trading days of the accelerator event, and provided that the early expiration date is not less than 30 calendar days after the date of such news release. The securities issued under the placement will be subject to a four-month hold period. The private placement is expected to close on or about February 4, 2022, and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals by the applicable securities regulatory authorities including the Canadian Securities Exchange.

The company may increase the size of the transaction.