- Eric Sprott, one of Canada’s most successful mining investors, picked up 3,333,333 units of Electric Metals (TSXV:EML) for consideration of C$1 million
- Electric Metals is a US critical minerals company advancing manganese and silver projects to support the shift from fossil fuels towards electrification
- Electric Metals stock has added 233.33 per cent year-over-year
Eric Sprott, one of Canada’s most successful mining investors, picked up 3,333,333 units of Electric Metals (TSXV:EML) for consideration of C$1 million as part of a recently closed private placement.
Each unit, priced at C$0.30, includes one common share and one-half of one warrant, with each warrant granting the owner the right to purchase one Electric Metals share for C$0.45 for 18 months from the date of issuance.
The units, acquired through 2176423 Ontario Ltd., a corporation Sprott beneficially owns, are in addition to his existing position of 14,393,939 shares and 4,166,666 warrants, representing 9.7 per cent of outstanding shares on a partially-diluted basis. Sprott’s total investment now stands at 11.4 per cent on a partially-diluted basis, making him an Electric Metals insider.
Sprott’s investment increases his exposure to the company’s flagship Emily manganese deposit in Minnesota, the highest-grade deposit of the critical metal in North America, which is estimated at 5.69 million tons of 19.2 per cent manganese and 23.02 per cent iron indicated and 777,800 tons of 22.48 per cent manganese and 22.15 per cent iron inferred.
Electric Metals intends to establish a domestic manganese supply chain to capitalize on the metal’s critical roles as cathode material in electric vehicle batteries and energy storage, as a strength enhancer in steel manufacturing and for corrosion protection in aluminum production, granting it a more than US$31 billion global market expected to surpass US$48 billion by 2032.
About Electric Metals
Electric Metals is a US critical minerals company advancing manganese and silver projects to support the shift from fossil fuels towards electrification. Besides Emily, the company holds the Corcoran project in Nevada, which contains a resource of 33.5 million ounces of silver equivalent.
Electric Metals stock (TSXV:EML) is up by 1.69 per cent trading at C$0.30 as of 9:31 am ET. The stock has added 233.33 per cent year-over-year.
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