EnviroMetal Technologies Inc. announced a non-brokered private placement of up to 25,000,000 units at a price of CAD 0.08 per unit for gross proceeds of CAD 2,000,000 on November 22, 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 for a two year period following the date of closing at a price of of CAD 0.15 per share for the initial twelve month period from the date of closing, and thereafter CAD 0.24 per share for the remaining twelve months.

The securities issued under the placement will be subject to a four-month hold period. The transaction is expected to close on or about December 16, 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. Subject to regulatory approval, the company may increase the size of the Private Placement.