EnviroLeach Technologies Inc. [ETI-CSE; EVLLF-OTCQB] reported that its previously announced non-brokered private placement has been fully subscribed. The company has received subscriptions for 17,825,001 units at a price of $0.30 per unit for total gross proceeds of $5,347,500. The company is proceeding with transaction closing which is anticipated to be completed by December 30, 2020.
This funding will allows the company to execute its multi-faceted business strategy. EnviroLeach is in a position to increase operational throughput at its EnviroCircuit printed circuit board processing facility, and to drive adoption of its economic and environmentally sustainable innovations in the gold mining sector.
Proceeds of the private placement will be used for the acquisition of feedstock for Enviroleach’s printed circuit board assembly processing facility, the continued development of the Company’s technologies, and general working capital.
EnviroLeach is an emerging leader in cost-effective and environmentally sustainable technologies for the extraction of valuable metals from conventional gold ores and end-of-life printed circuit board assemblies.
Using its proprietary and patented water-based, near-neutral pH treatment process, the EnviroLeach formula extracts metals from mineral concentrates and E-Waste using only FDA approved additives operating under ambient conditions. The unique ability to re-use the EnviroLeach formula results in a cost-effective and sustainable alternative to the current use of cyanide and smelters.
Backed by the momentum of a first-class staff of scientists and engineers, tens of thousands of individual tests and assays, independent validations, strategic partners and tens of thousands of hours in research and development, EnviroLeach’s technology is emerging as a potential new standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the mining and E-Waste sectors.