TORONTO, April 26,
2022 /CNW/ - Electra Battery Materials
Corporation (TSXV: ELBM) (OTCQX: ELBMF) ("Electra") today
announced that the Nasdaq Stock Market LLC has approved the listing
of Electra's common shares on the Nasdaq Capital Market ("Nasdaq").
Electra will commence trading on Nasdaq on April 27, 2022, under the ticker symbol "ELBM".
Electra's common shares will continue to trade on the TSX Venture
Exchange (TSX-V) under the symbol "ELBM".
"Listing on the Nasdaq is a significant milestone for Electra
and a natural next step in the evolution of the Company," said Mr.
Trent Mell, CEO. "With the
heightened interest in electric vehicles, decarbonization, critical
minerals and onshoring supply chains, we felt it was important to
increase our presence in our primary market for our ultra low
carbon battery materials. We are pleased to offer our shareholders
the ability to trade on a major U.S. exchange and the expected
increase in liquidity will support our Company well over the
long-term. We look forward to introducing Electra to a new and
larger investor base.
"Phase 1 of Electra's Battery Materials Park involves the
commissioning of North America's
first battery grade cobalt refinery in December of this year.
Funding was secured in 2021 to take the hydrometallurgical refinery
through construction and into commissioning."
Concurrent with the commencement of trading on Nasdaq, Electra's
common shares will cease trading on the OTC Markets. Shareholders
are not required to take any action. Electra recommends that
investors who bought shares on the OTC Markets monitor their
brokerage accounts to ensure their holdings are updated to
correctly reflect the new ticker symbol.
Electra to Ring Nasdaq Closing
Bell
Management will participate in a closing bell ceremony at the
Nasdaq Stock Market on Wednesday, April 27,
2022 from 3:45 p.m. to 4:00 p.m.
ET, in celebration of its listing. Trent Mell, CEO, will ring the Closing Bell
alongside members of Electra's team.
The bell ringing event can be viewed on Nasdaq.com live stream
at: https://livestream.com/accounts/27896496/events/10228408
About Electra Battery
Materials
Electra's core strategy is to produce low carbon, ethically
sourced battery materials for the North American electric vehicle
supply chain. The Company is specifically focused on creating the
first integrated battery materials park in North America, providing refined cobalt,
nickel and recycled battery materials to North American battery
precursor manufacturers.
The first phase of this strategy is to expand and bring into
production the Company's ultra low carbon hydrometallurgical
refinery in Ontario, Canada.
Construction of Phase 1 remains on schedule to commence
commissioning of the expanded refinery in December 2022 and initially ramp-up to 5,000
tonnes of contained cobalt production per year, with steady state
production achieved by mid-2023. Subject to future permits and
market conditions, the Company plans to increase production
capacity to a 6,500 tonne per annum run rate by mid-2024.
Prior to commissioning its cobalt sulfate refinery, Electra
intends to complete a bulk sample processing of lithium-ion battery
material known as "black mass" in Q3, leveraging existing refinery
infrastructure. The objective is to demonstrate the effectiveness
of its process flowsheet to recover the majority of lithium,
nickel, cobalt, copper and graphite content from lithium batteries
prior to construction of its commercial plant, which is targeted
for 2023.
A study is underway in partnership with the Government of
Canada, the Government of
Ontario, Glencore plc and Talon
Metals on engineering, permitting, socio-economic and cost studies
associated with the construction of a nickel sulfate plant as well
as a battery precursor cathode active materials (PCAM) plant
adjacent to Electra's cobalt refinery and recycling plant.
Electra also owns the advanced exploration-stage Iron Creek
cobalt-copper project in Idaho,
USA. Electra is positioning itself to be an integral part of
the North American battery supply chain by providing low carbon,
sustainable and traceable raw materials for the region's fast
growing electric vehicle industry.
On behalf of Electra Battery Materials Corporation
Trent Mell
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding
Forward-Looking Statements
This press release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities. All
statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance, and
opportunities to differ materially from those implied by such
forward-looking statements. Forward looking statements in this
press release include statements about the timing of trading on
Nasdaq, trading liquidity, and investment base characteristics.
Factors that could cause actual results to differ materially from
those in forward-looking statements include, but are not limited
to, the timing of commencement of trading of Electra's common
shares on Nasdaq being delayed and the other risks described under
the headings "Financial Risk Factors" and "Business Risks and
Uncertainties" in Electra's MD&A for the year ended
December 31, 2021 and under the
heading "Risk Factors" in Electra's Annual Information Form for the
year ended December 31, 2021.
Although Electra believes that the information and
assumptions used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this press release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, Electra disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
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SOURCE Electra Battery Materials Corporation