Elcora Adjusts Maturity Date of Convertible Note
ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF), a leading name in battery materials, has announced intentions to amend the terms of its existing convertible promissory note. This decision, pending acceptance from the TSX Venture Exchange, concerns an 8% interest-bearing, unsecured promissory note valued at CDN$102,750.
Proposed Changes to the Convertible Note
The significant shift involves moving the maturity date of this convertible note from September 27, 2024, to March 27, 2025. Aside from this adjustment, all other conditions governing the convertible promissory note will remain intact. This strategic move is aimed at providing Elcora more flexibility in managing its financial resources.
Conversion Details of the Note
Investors should note that the principal amount of the Convertible Note permits conversion into fully paid and non-assessable common shares. Specifically, the conversion price is set at CDN$0.05 per Common Share, potentially resulting in the issuance of up to an impressive 2,055,000 Common Shares upon conversion. Additionally, accrued and unpaid interest may also be converted into more Common Shares during a subsequent shares-for-debt filing, awaiting TSX Venture Exchange approval.
About Elcora Advanced Materials Corp.
Company Overview
Established in 2011, Elcora Advanced Materials Corp. has positioned itself as an innovator in the battery material sector. The company utilizes an efficient process designed to refine and produce essential battery-related minerals and metals. This initiative not only strengthens its market position but also marks a significant step toward achieving vertical integration in the battery minerals and metals industry.
Strategic Vision
Elcora’s vision is to not just participate in the market but to lead the way in creating a sustainable framework for supply, focusing on quality and cost-effectiveness. Their expertise allows them to produce high-quality battery materials, essential for the evolving needs of energy storage solutions.
Contact Information for Inquiries
For more details on Elcora Advanced Materials Corp., individuals seeking further information may contact Troy Grant, Director, President, and CEO, at +1 902 802-8847. Potential investors or interested parties are encouraged to reach out for any questions.
Frequently Asked Questions
What is the purpose of the Convertible Note?
The Convertible Note allows investors to convert their principal and interest into common shares, offering them an opportunity to participate in Elcora's growth.
Why is Elcora extending the maturity date?
The extension provides Elcora with greater flexibility to manage its financial resources and align with its strategic goals without altering existing terms.
What is the conversion price for the shares?
The conversion price is set at CDN$0.05 per Common Share, facilitating potential significant share issuance through the Convertible Note.
How can investors get further information about Elcora?
Investors can contact Troy Grant, the CEO of Elcora, or visit their official website for updated information and inquiries.
What is Elcora's strategy?
Elcora aims to become a vertically integrated leader in battery materials, focusing on refining and producing high-quality minerals and metals for battery production.
