Electra Battery Materials Corporation (Electra), a listed Canadian battery material recycler, has revised the allocation of its brokered private placement from CAD 10 million (~USD 7 million) to CAD 15 million (~USD 11 million), selling up to 13,636,364 units at CAD 1.10 (~USD 0.81) per unit. Each unit comprises a common share and a common share purchase warrant, allowing holders to buy an additional share at CAD 1.74 (~USD 1.27) within 24 months after the closing date.

As part of Electra's broader financing plan to secure up to CAD 20 million (~USD 15 million), the remaining funding, amounting to CAD 5 million (~USD 4 million), will be raised through a non-brokered private placement available exclusively to holders of the company's senior secured convertible notes. The offering would no longer be tied to a strategic investment commitment by Three Fires Group but the two companies will continue to work toward its joint black mass recycling strategy .

Red Cloud Securities would act as the lead agent and sole bookrunner on behalf of a group of agents. The agents have also been granted an option to sell up to 1,363,636 additional units at the issue price before the closing date, potentially raising CAD 1,500,000 (~USD 1,097,799) in extra gross proceeds. 

The offering is set to close in the week of August 7, 2023, subject to customary conditions, including regulatory approvals from the TSX Venture Exchange and The Nasdaq Stock Market.