Electric Metals (TSX-V:EML) told investors it has received subscription agreements from Quail Bend LLC for the purchase and sale of a further 15,957,447 units in the company to be completed in two tranches for aggregate proceeds of $3.75 million.
It said the offering is being conducted in connection with a binding letter of intent under which Quail Bend agreed to acquire up to 21,276,596 units, or up to an approximate 16.7% ownership interest in EML.
The Second Tranche closing is expected to cause Quail Bend to become a "Control Person" under applicable TSX-V policies, the company added.