Electric Metals (USA) Limited Secures $4 Million Through Private Placement for Manganese Project

Electric Metals (USA) Limited has successfully closed its non-brokered private placement, raising approximately C$4 million. This financing, led by Eric Sprott and Crescat Capital, aims to advance the North Star Manganese Project in Minnesota. The company issued 13,330,000 units at C$0.30 each, comprising a share and a half-warrant. Crescat states this project plays a critical role in reducing U.S. reliance on foreign high-purity manganese sources.

Eric Sprott's involvement classifies him as an insider, now holding about 11.4% on a partially-diluted basis. The funding will support various initiatives including ore characterization, environmental studies, and permitting processes. This aligns with U.S. policies on boosting domestic mineral supply chains.