The Electra Battery Metals refinery near Temiskaming Shores, Ontario. Photo: Electra
Electra Battery Materials (NASDAQ, TSXV: ELBM) says it is now fully funded to complete the construction and commissioning of what would be the first cobalt sulfate refinery in North America.
On Wednesday, the Canadian battery metals developer said it has closed a $34.5 million financing and $40 million debt equitization, marking a “major transformation” of its balance sheet and funding outlook.
With over $80 million now secured from investors and government commitments, Electra has obtained all the capital required to complete its cobalt sulfate refinery located in Temiskaming Shores, Ontario, seen as a critical asset that will strengthen the region’s battery and defense supply chains.
“With construction of our cobalt refinery now fully funded and our balance sheet reset, we are entering the execution phase…
