Elcora Advanced Materials recently announced the closing of the first tranche of its private placement, for gross proceeds of CAD$1,120,500 (around USD$898,362). The Company may issue further Units to raise total gross proceeds of up to CAD$3,000,000 (around USD$2,370,000).
The Company intends to use the net proceeds for general working capital purposes. Elcora was founded in 2011 and has been structured to become a vertically integrated graphite & graphene company. Elcora processes, refines, and produces both graphite & graphene. As part of the vertical integration strategy Elcora is securing high-grade graphite and graphene precursor graphite from operations in Sri Lanka and other countries which are already in production. Elcora has developed a cost-effective process to make high-quality graphite, graphite products and graphene that are commercially scalable.